May 3, 2018 / 7:11 AM / in a year

UPDATE 1-UK's Lancashire profit jumps, sees higher energy insurance demand

(Adds details on energy insurance, shares)

May 3 (Reuters) - Property and casualty insurer Lancashire Holdings Ltd reported on Thursday a near 48 percent jump in first-quarter pretax profit as it brought in more premiums, and said a sustained period of stable oil prices would boost energy insurance demand through 2018 and 2019.

Shares of the company rose 6.9 percent to 635.5 pence and were top gainers on the FTSE mid-cap index.

The company, a provider of insurance cover for heavy-duty assets such as oil rigs, ships and aircraft, said energy gross premiums written increased 17.8 percent to $30.4 million in the quarter ended March 31.

Gross premiums written rose 18.1 percent in the Lloyd’s segment in the quarter.

Lancashire’s total quarterly gross written premiums rose about 9.8 percent to $215.8 million from a year earlier, while its combined ratio improved to 65.2 percent from 85.6 percent.

The pretax profit came in at $42.4 million in the quarter, compared with $28.7 million a year earlier. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)

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