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Lancashire Holdings' (LCSHF) CEO Alex Maloney on Q3 2017 Results - Earnings Call Transcript

Nov. 04, 2017 1:09 PM ETLancashire Holdings Limited (LCSHF)
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Lancashire Holdings Ltd. (OTCPK:LCSHF) Q3 2017 Results Earnings Conference Call November 2, 2017 9:00 AM ET


Alex Maloney - Group, CEO

Paul Gregory - Group Chief Underwriting Officer and CEO, Lancashire Insurance Company (UK) Limited

Elaine Whelan - Group CFO and CEO, Lancashire Insurance Company Limited

Darren Redhead - CEO, Kinesis Capital Management


Jonny Urwin - UBS

Ben Cohen - Investec

Andreas Van Embden - Peel Hunt

Joanna Parsons - Stockdale Securities

Nick Johnson - Numis Securities

Faizan Lakhani - Bernstein

Alex Maloney

Good afternoon, everyone. And clearly the third quarter 2017 will go down in the history books as one of the most active we have seen for natural catastrophes in recent history. The current estimates of claims for these events is not unprecedented, nor are multiple CAT events in a calendar year, but the short period of time between each event is something we haven’t witnessed before. This will add to the complexity in calculating the final quantum of losses and then the resultant market reaction. These loss events have been a true test for the Lancashire business model across all 3 of our underwriting platforms. We haven’t been tested with a meaningful CAT event since 2012 with superstorm Sandy and this is our first meaningful CAT year since we purchased Cathedral in 2013.

So I am pleased that we have performed so well in the face of multiple CAT losses in product lines which we are relevant in. We have minimum erosion of our capital, are in excellent shape for the next stage of the cycle. We have said many times that our focus is not of one quarter, but a longer time horizon. So although our quarter is negative and this is the first time we’ve had a negative quarter since 2008, we believe that our full year result will

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