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May 2 (Reuters) - Lancashire Holdings Ltd’s gross written premiums held steady in the first quarter as the property and casualty insurer paid out fewer claims and benefited from a pickup in insurance prices.
Lancashire, which insures everything from ships and aircraft to damages from terrorism and war, said on Wednesday that gross written premiums rose 0.6 percent to $217.2 million in the quarter ended March 31.
“The claims environment was relatively benign, with no new major net losses in the quarter,” the company said.
Lancashire’s stable results come after the insurer swung to a profit in 2018, when the industry got some relief after facing record insurance losses in 2017 from notable hurricanes, typhoon and wildfires.
“The heavy global insured losses sustained by the markets over the last 24 months have demonstrated that premium levels in many classes had fallen too low. However, we are now beginning to see early signs of greater market discipline,” Chief Executive Officer Alex Maloney said in a statement.
Lancashire is part of the Lloyd’s of London market, a group of 99 syndicates, or members, who price and underwrite policies and spread risks - including anything from ships to sculptures to soccer stars’ legs - among themselves.
Premiums from its Lloyd’s segment remained flat as better rates across its marine and aviation portfolios were offset by lackluster premiums in some property classes, backing the insurer’s decision to reposition part of its property portfolio and not renew some contracts because of unattractive rates. (Reporting by Devika Syamnath in Bengaluru Editing by Saumyadeb Chakrabarty and Gopakumar Warrier)