Feb 16 Insurer Lancashire Holdings
forecast another challenging year ahead after posting a
12-percent fall in full-year profit, hurt by continuing pricing
pressure and a slight fall in gross written premiums in its
LLoyd's and marine businesses.
The property and casualty insurer, which writes policies for
heavy-duty assets such as oil rigs, ships and aircraft, said
pretax profit fell to $150.4 million in the year ended Dec. 31,
2016, from $171.7 million a year earlier.
Lancashire's gross written premiums fell about 1.1 percent
to $633.9 million in the period, while its combined ratio
improved to 76.5 percent from 72.1 percent in 2015.
"Whilst we expect market conditions to remain difficult for
the foreseeable future, which requires discipline and patience
to navigate, our strategy has the ability to respond across the
insurance cycle," CEO Alex Maloney said in a statement.
The company said it was carrying a "bit more" capital buffer
on Jan. 1 than it typically would, which would allow it to take
advantage of any opportunities up ahead.
(Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru)