In its results for the nine months ended 30 September 2025, Lancashire has revealed that gross premiums written rose 7.4% year-on-year to $1.8 billion, while insurance revenue increased by 7.8% to $1.4 billion.
In the reinsurance segment, the firm said that there has been measured growth across most lines, including planned growth in areas of specialty reinsurance such as aviation, marine and energy treaty.
Meanwhile, in the insurance segment, the continued build-out of the Lancashire US franchise has reportedly seen classes such as energy liability and property insurance grow, as well as premium growth in marine hull and war and political risk lines of business via the firm’s London platforms.
As for total insurance revenue, the insurance segment contributed $728.1 million, while the reinsurance segment contributed $671.7 million, reflecting a balanced performance across both areas of the business.
According to Lancashire, gross premiums earned, the key driver of insurance revenue, as a percentage of gross premiums written, was 91.6% for the first nine months of 2025, compared to 88.2% for the equivalent period in 2024.
“Insurance revenue continues to increase at a faster rate than gross premiums written, reflecting premium earnings from prior underwriting years where the business saw substantial growth,” the firm added.
It will come as no surprise that the third quarter loss environment for Lancashire was relatively benign in terms of natural catastrophe losses.
However, the environment for large single-risk losses reportedly remains active, consistent with trends seen earlier in the year.
Alex Maloney, Group Chief Executive Officer, commented, “Our performance over the first nine months of the year – particularly in light of the California wildfires early on – demonstrates the strength and resilience of our business model. It highlights the value of our strategy, our capacity to navigate volatility, and the advantages of our diversified portfolio across both product lines and geographies.
“Market dynamics remain robust and, while certain classes have seen the start of some softening from recent highs, overall pricing remains healthy across most of the book. Our results were also supported by strong investment returns, achieving 5.6% for the year to date.
“Reflecting Lancashire’s earnings in the first nine months of the year, the Board has approved a special dividend of 75 cents per common share, resulting in an aggregate distribution of approximately $182 million.
“During the quarter, we received approval from Lloyd’s of London to complete the minority buy-out of the remaining capacity on Syndicate 2010 for the 2026 underwriting year. This is a significant milestone for the business, offering new opportunities and strategic flexibility. Our capital position remains exceptionally strong.
“We are returning capital to shareholders, investing in our syndicate platform, and continuing to pursue attractive underwriting opportunities through the remainder of the year and beyond. Finally, our people remain at the heart of our success.
“In September, we conducted our 2025 all-employee engagement survey, and I’m pleased to report another round of highly positive feedback. I’m especially proud that our culture continues to be valued by our colleagues.
“This reinforces my confidence in the dedication and commitment of our team, who are driving Lancashire forward with energy and purpose. My sincere thanks go to them – and to all our stakeholders – for their continued support.”
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