May 4, 2017 / 6:35 AM / 3 months ago

Insurer Lancashire's quarterly profit rises

1 Min Read

May 4 (Reuters) - Insurer Lancashire Holdings Ltd reported an 8 percent rise in first-quarter profit as it moderated its risk exposure against a tough underwriting environment.

The company said it had seen some evidence of a slowdown in the rate of premium declines.

"Lancashire is well positioned relative to others to manage any future insurance market turbulence and to respond to the opportunities which will arise," CEO Alex Maloney said.

The company, which writes policies for heavy-duty assets such as oil rigs, ships and aircraft, said pretax profit rose to $28.7 million in the quarter ended March 31, from $26.5 million a year earlier.

Gross premiums written fell almost 15 percent to $196.5 million. (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)

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