Lancashire Holdings Limited (LRE) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to Lancashire First Quarter 2025 Earnings Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If anyone has any difficulties hearing the conference, please press star zero for operator assistance at any time. I would now like to turn the conference over to Alex Maloney. Please go ahead. Good afternoon, everyone, and thank you for joining our call today. As always, I will give some brief highlights on the progress of the business so far. Paul will then focus on the underwriting trends. Natalie will cover the high-level financials, and then we will go to Q&A. There's no question that the broader macro and geopolitical environment is uncertain. The impact of these is relatively modest for Lancashire, but in some instances may create some opportunities. Against the backdrop, I'm pleased that we're in great shape to weather this environment and continue delivering against our core strategic objectives. Number one, the insurance market remains favourable. With slight softening from the peak of 2024, as I've said before, we leave with underwriting and we continue to grow whilst the cycle is supportive of strong returns for our investors. And that's what we did in Q1. growing ahead of rate with an underlying premium growth of around 7%. Paul will talk a bit more about this shortly. We continue to actively manage our capital and risk exposures in order to deliver attractive, less volatile returns through the cycle. You saw this with an active Q1 and California wildfires. Even if we assume a severe loss scenario for 2025 from this point on, we would still deliver healthy returns for our investors. We are a people business. We invest in our people an...