Lancashire Holdings Ltd has reported a 2023 profit after tax of $321.5 million, compared with a loss of $15.5 million in 2022.

Gross premiums written increased 16.9 per cent year-on-year to $1.9 billion. Insurance revenue increased 23.9 per cent year-on-year to $1.5 billion.

The company reported an Insurance service result of $382.1 million and combined ratio (undiscounted) of 82.6 per cent and combined ratio (discounted) of 74.9 per cent.

Lancashire had a net investment return, including unrealised gains and losses, of 5.7 per cent.

Alex Maloney, group chief executive officer, said: “Lancashire delivered an outstanding performance in 2023. We continued to focus on writing profitable business in the best market conditions we have seen for a decade.

“Aligned to our belief in managing the market cycle, we have built a better balanced and more diverse underwriting portfolio over the past five years, which is generating more profit against our capital base. This has been one of our core strategic goals and will continue to be a focus going forwards.”

The company added: “During 2024, the group will continue to assess the potential impact of the economic transition adjustment introduced by the recent Bermuda corporate income tax legislation.

“Based on its current plans, the group does not anticipate that it will become subject to Bermuda corporate income tax until 1 January 2030, as it expects to fall within the exclusion within the Bermuda corporate income tax rules that means groups with a limited international presence are excluded from scope for a period of up to five years.”

Lancashire also announced that its board has appointed Philip Broadley, a non-executive director and the LHL chairman designate since last November, as a member of the nomination, corporate governance and sustainability committee, investment committee and remuneration committee.

Following Peter Clarke’s planned retirement from the board after the 2024 annual general meeting, the company said, it was intended that Mr Broadley would assume the role of chairman of the nomination, corporate governance and sustainability committee.