Lancashire expands, adds Gressier as NED, third party dips – Artemis.bm

Private insurer and insurance group Lancashire Holdings continued to grow into a stable market in the first half of 2022 and delivered strong results across the business, although third-party fund management fees and benefit work fell.

Lancashire has been growing rapidly and in the first half of 2022 it added 34.6% to its annual payroll, taking them to $938.1 million.

The company delivered strong results that have pleased experts concerned with the potential consequences of the conflict in Ukraine, but Lancashire’s estimates are still at the extreme end of the conflict and their data provided a mixed estimate. of 78% and a profit before tax of $ 78 million.

The savings center affected the overall results of Lancashire, where the company reported a -3.8% return (cash loss of $85.8 million) and a total loss of $7.1 million.

The company remains focused on future growth opportunities as this is the type of insurance and reinsurance market Lancashire is known to benefit from.

CEO Alex Maloney said, “Although the financial crisis is changing the global economy, we believe that our sales volume is the best we have seen in more than a decade and will continue until the second half of 2022 and 2023. This includes an increase in risk. and the opportunity to see clearly on the lines affected by the war in Ukraine.

“We continue to have a strong cash flow that gives us the power to execute on our long-term strategies
increasing payouts where we believe there are attractive returns while focusing on portfolio management. “

This morning, Lancashire also announced the appointment of well-known corporate executive John “Jack” Gressier as a Non-Executive Director of the company.

Jack Gressier has over 30 years of insurance and corporate insurance experience and was previously CEO of Axis Insurance and COO of Axis Capital, as well as Chairman of Herminius, a technology consulting firm.

Peter Clarke, Chairman of Lancashire, commented on the appointment, “We are delighted to welcome Jack to the Lancashire Group as a Non-Regional Director. Jack has a long and extensive experience as a writer, executive and director in the London and international insurance industry. His experience The insurance giant will bring additional expertise to the Lancashire Board. Jack will also serve as a member of our Underwriting Risk Committee and Remuneration Committee.”

At Lancashire Capital Management Limited, a third-party capital integrated reinsurance group, the first half of 2022 saw fees and commissions decline.

Timing is always important with these products, as prior years’ losses can affect how the fees and commissions flow to the earning companies.

Lancashire Capital Management’s net income was $0.9 million in the first half of 2022, down from $2.4 million last year, while profit was $0.1 million, down from $3.6 million.

Best of all I’m also showing the results of this segment, Lancashire’s share of Lancashire Capital Management’s profit is seen as $2.4 million, up from last year’s $0.3 million.

Therefore, although both the third-party capital and the lending business are down, mainly due to the period of income recorded in the past, the profit section shows the best period of losses this year so far for LCM. way.