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BRIEF-Insurer Lancashire reports Q3 loss on natural catastrophe hits
November 2, 2017 / 7:24 AM / 22 days ago

BRIEF-Insurer Lancashire reports Q3 loss on natural catastrophe hits

Nov 2 (Reuters) - Lancashire Holdings Ltd

* Q3 FULLY CONVERTED BOOK VALUE PER SHARE $‍5.53​ VERSUS $6.55 IN Q3 2016

* Q3 GROSS PREMIUMS WRITTEN $‍143.0​ MILLION VERSUS $108.2 MILLION IN Q3 2016

* NO SPECIAL DIVIDEND PER COMMON SHARE VERSUS $0.75 IN Q3 2016

* Q3 LOSS BEFORE TAX $‍136.4​ MILLION VERSUS PROFIT OF $42.9 MILLION Q3 2016

* LANCASHIRE- ‍LAST COUPLE OF MONTHS HAVE WITNESSED A SERIES OF DAMAGING HURRICANES IN CARIBBEAN, GULF OF MEXICO AND U.S. COASTAL REGIONS

* Q3 COMBINED RATIO ‍213.3​ PERCENT VERSUS 73.8 PERCENT IN Q3 2016

* ‍LAST COUPLE OF MONTHS HAVE WITNESSED TWO SIGNIFICANT EARTHQUAKES IN MEXICO​

* ‍AT SUCH TIMES LANCASHIRE EXPECTS TO PAY LOSSES, AND THIS IS REFLECTED IN OUR RESULTS FOR Q3 AND YEAR TO DATE​

* INDUSTRY HAS EXPERIENCED LOSSES OF MANY BILLIONS OF DOLLARS, WHICH WILL HAVE DEPLETED CAPITAL AND STRESSED BALANCE SHEETS​

* ‍OUR ESTIMATED NET LOSSES FALL COMFORTABLY WITHIN OUR EXPECTATIONS FOR SUCH CATASTROPHE EVENTS​

* ‍AFTER YEARS OF SOFT PRICING CONDITIONS WE ARE SEEING SOME EVIDENCE OF AN INCREASE IN PRICING, PARTICULARLY IN CATASTROPHE EXPOSED LINES​

* ‍HAVE RECORDED A NET LOSS ACROSS OUR THREE PLATFORMS FROM THESE EVENTS OF $165.0 MILLION​

* EXPECT TO PUT ALL OF OUR CAPITAL TO WORK TO TAKE ADVANTAGE OF IMPROVING MARKET CONDITIONS, WE WILL CONTINUE TO PAY ORDINARY DIVIDEND​ Source text for Eikon: Further company coverage:

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