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Lancashire Slips To Loss In H1, Despite Premium Growth; Stock Dips

Shares of Lancashire Holdings Limited (LRE.L) were losing around 5 percent in the morning trading in London after the provider of insurance and reinsurance products reported Wednesday a pre-tax loss of $23 million in the first half, compared to last year's profit of $40.5 million.

Loss attributable to Lancashire was $26 million or $0.13 per share, compared to profit of $39.1 million or $0.19 per share a year ago.

Gross premiums written increased 15.3 percent to $495.5 million from $429.6 million last year. Net premiums written increased to $282.5 million from last year's $222.6 million.

Further, the company said it declared an ordinary interim dividend of $0.05 or approximately 0.04 pounds per share.

In London, Lancashire shares were trading at 770 pence, down 5.06 percent.

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