Lancashire grows insurance book, pulls back on reinsurance
Lancashire Holdings wrote $668.4 million in gross written premiums in the first quarter of 2026, 6.1 per cent less than the same period last year.
The Bermudian-based firm wrote $71.3 million, or 14.8 per cent, less in reinsurance premiums, and $26.6 million, or 12 per cent, more in insurance premiums.
Insurance revenue was $468.6 million, up 2.1 per cent.
Excluding prior year reinstatement premiums, the top line was stable with a Group Renewal Price Index of 93 per cent.
Alex Maloney, group chief executive officer, said Lancashire has had a positive start to 2026, holding fast to its core principle of active cycle management.
“With the strong first quarter, we are on track to deliver results in line with our guidance for the year,” Mr Maloney said.
The firm has enacted a planned reduction in inwards property retrocession in their reinsurance segment.
“This was offset by a 12 per cent increase in gross premiums written across their insurance lines to $257.4 million, where we saw attractive opportunities for growth,” Mr Maloney said. “Insurance revenue increased by just over 2 per cent to $468.6 million, reflecting earnings from the growth delivered over the past few years.”
He said Lancashire would continue maximising opportunities where it made sense.
“The work we have done over recent years to grow our product portfolio and increase our geographic reach puts us in a strong position to continue to generate attractive risk-adjusted underwriting returns through the cycle,” Mr Maloney said.
He added that the period has seen very significant geopolitical volatility leading to wider economic uncertainty.
“Lancashire’s exposure to the current events in the Middle East is limited and well within our risk appetite,” he said.
The group’s investment portfolio, including unrealised gains and losses, returned 0.3 per cent over the period.
Since acquiring 100 per cent of the underwriting capacity for Syndicate 2010, with effect from the 2026 year of account, Lancashire has been “assessing the increased optionality that full alignment offers us”.
Subject to approval by Lloyd’s, the company will combine Lancashire Syndicates 3010 and 2010, under Syndicate 3010, for the 2027 and subsequent years of account.
• For the full press release see Related Media
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