May 3, 2018 / 6:39 AM / 22 days ago

UK insurer Lancashire Q1 profit jumps nearly 48 pct

May 3 (Reuters) - Property and casualty insurer Lancashire Holdings Ltd reported on Thursday a near 48 percent jump in first-quarter pretax profit, as claims paid out were lower than the premiums brought in.

The company, which writes policies for heavy-duty assets such as oil rigs, ships and aircraft, said pretax profit rose to $42.4 million in the quarter ended March 31, from $28.7 million a year earlier.

The insurer’s gross written premiums rose about 9.8 percent to $215.8 million in the quarter from a year earlier, while its combined ratio improved to 65.2 percent from 85.6 percent. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)

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