Lancashire Holdings warns on Q3 on losses from marine unit, natural disasters

Lancashire Holdings said it expected to report third quarter net losses after hits to its marine portfolio and exposure to natural disasters including US hurricane Florence, and Asian typhoons Jebi, Mangkhut and Trami.

The company said the marine losses were forecast to be $30m while the natural disaster estimated losses would be $25m - $45m.

“Given these loss estimates, the company expects that it will produce a negative return on equity for the third quarter of 2018,” Lancashire said.

“Absent these events, the Company would have been profitable for the third quarter. The company also expects to remain profitable for the first 9 months of 2018.”