Lancashire Sees Losses Of $165 Mln - $185 Mln Due To Recent Natural Disasters

Lancashire Holdings Limited (LRE), an insurance company, on Thursday, said it expects an aggregate net ultimate losses of $165 million to $185 million due to recent natural catastrophe events, including hurricane Ida and the European storms- Bernd, Volker, and Xero.
The Bermuda-based insurance provider also said it has reported exposure to large loss events within its political violence portfolio related to the unrest in South Africa during July 2021. The aggregate estimated ultimate net losses for these events are expected to be about $40 million.

These estimates are after anticipated recoveries from Lancashire's outwards reinsurance program and the impact of outwards and inwards reinstatement premiums, the company added.

Alex Maloney, Group Chief Executive Officer, said, "....Looking ahead, the Company remains strongly capitalized to be able to take advantage of the improving market, both in the rest of this year and in order to achieve our ambitious underwriting plans for 2022.  The rating environment continues to improve, premiums continue to grow, and we are well-positioned to achieve our strategic goals."

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