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Lancashire Posts Narrower Loss In Q3; Declares Special Dividend - Quick Facts

Lancashire Holdings Ltd (LRE.L) reported a third-quarter pretax loss of $25.3 million compared to a loss of $136.4 million, previous year. Loss per share was $0.12 compared to a loss per share of $0.67. Operating loss per share was $0.12 compared to a loss of $0.69.

Third-quarter total net revenue decreased to $101.8 million from $119.1 million, previous year. Net premiums written was $86.3 million compared to $106.1 million.

Lancashire announced that its Board has declared a special dividend for 2018 of $0.20 per common share per common share. The dividend will be paid on 12 December 2018 to shareholders of record on 9 November 2018.

Alex Maloney, CEO, said: "The third quarter of 2018 was at least as active as 2017 in terms of the number of events to impact the industry. The magnitude of insured loss, however, has been much smaller. We have, nonetheless, produced a small loss for the quarter as a result of these events. While it's always disappointing to lose money in any quarter, we remain in positive territory for the year to date. The loss events during the quarter are a well understood part of our business model; we are prepared for such events and they lie within our risk expectations.

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