Specialty re/insurer Lancashire Holdings has announced an aggregate net loss from exposure to events within its marine portfolio of approximately $30 million.
In addition, the company has suffered an accumulation of attritional losses as a result of exposures to a number of recent natural catastrophe events – including hurricane Florence, and typhoon’s Jebi, Mangkhut and Trami – of between $25 million and $45 million.
Given this, the company expects that it will produce a negative return on equity (RoE) for Q3 2018.
The estimates are after anticipated recoveries from Lancashire’s outwards reinsurance programme and the impact of outwards and inwards reinstatement premiums.
Furthermore, the loss estimates include Lancashire’s aggregate exposures through its Bermuda, UK and Lloyd’s operations.
The company has exposure to hurricane and typhoon risks in property retrocession; property direct and facultative; property reinsurance; cargo; marine and energy classes.
