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Lancashire Holdings' (LCSHF) CEO Alex Maloney on Q2 2021 Results - Earnings Call Transcript

Aug. 01, 2021 10:30 AM ETLancashire Holdings Limited (LCSHF)
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Lancashire Holdings Limited (OTCPK:LCSHF) Q2 2021 Earnings Conference Call July 28, 2021 9:00 AM ET

Company Participants

Alex Maloney – Chief Executive Officer

Paul Gregory – Chief Underwriting Officer

Natalie Kershaw – Chief Financial Officer

Jelena Bjelanovic – Investor Relations

Darren Redhead – Chief Executive Officer, Lancashire Capital Management

Conference Call Participants

Kamran Hossain – RBC

Freya Kong – Bank of America

Iain Pearce – Credit Suisse

Andrew Ritchie – Autonomous

Ashik Musaddi – JPMorgan

Ben Cohen – Investec

Faizan Lakhani – HSBC

Derald Goh – Citi

Ming Zhu – Panmure Gordon

Will Hardcastle – UBS


Hello, and welcome to the Lancashire Holdings Limited Half Year 2021 Results. Throughout the call, all participants will be in listen-only mode. And afterwards, there will be a question-and-answer session. Please note this call is being recorded. Today, I’m pleased to present CEO, Alex Maloney; CUO, Paul Gregory; CFO, Natalie Kershaw. Please go ahead with your meeting.

Alex Maloney

Okay. Thank you, everyone. We will just go through our presentation. Slide 3, please. In the first half of 2021, we’ve got strong premium growth in line with our long-term strategy of capital deployment and expansion at this point in the underwriting cycle as the underwriting opportunity grows. RPI remains strong across our portfolio of risks with premium growth rate helped healthily in excess of rate change, which demonstrates our business moves forward.

We have executed the plan we articulated when we raised equity capital 12 months ago and then raised further debt in Q2 to fund further growth, demonstrating our active capital management policy. Our strong underwriting performance in the half year despite Winter Storm Uri, we have an excellent combined ratio with a strong underwriting profit and our reserve releases are benefiting from our robust reserving process. Winter Storm Uri loss estimates remain within our previously

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