Lancashire Holdings Limited (LRE) Q1 2025 Earnings Call

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WEBVTT 00:00:01.567 -- 00:00:06.695 Good afternoon, ladies and gentlemen, and welcome to Lancashire First Quarter 00:00:06.695 -- 00:00:08.517 2025 Earnings 00:00:08.517 -- 00:00:13.224 Call. At this time, all lines are in a listen-only mode. 00:00:13.224 -- 00:00:17.611 Following the presentation, we will conduct a question and answer session. 00:00:17.611 -- 00:00:22.938 If anyone has any difficulties hearing the conference, please press star zero 00:00:22.938 -- 00:00:27.565 for operator assistance at any time. I would now like to turn the conference over to 00:00:27.565 -- 00:00:31.107 Alex Maloney. Please go ahead. 00:00:32.296 -- 00:00:35.860 Good afternoon, everyone, and thank you for joining our call today. 00:00:35.860 -- 00:00:40.986 As always, I will give some brief highlights on the progress of the business so far. 00:00:40.986 -- 00:00:43.489 Paul will then focus on the underwriting trends. 00:00:43.489 -- 00:00:48.672 Natalie will cover the high-level financials, and then we will go to Q&A. 00:00:49.916 -- 00:00:55.021 There's no question that the broader macro and geopolitical environment is uncertain. 00:00:55.021 -- 00:00:59.967 The impact of these is relatively modest for Lancashire, but in some instances may create 00:00:59.967 -- 00:01:02.147 some opportunities. 00:01:03.110 -- 00:01:06.917 Against the backdrop, I'm pleased that we're in great shape to weather this environment 00:01:06.917 -- 00:01:11.681 and continue delivering against our core strategic objectives. 00:01:12.005 -- 00:01:14.530 Number one, the insurance market remains favourable. 00:01:14.530 -- 00:01:18.316 With slight softening from the peak of 2024, as 00:01:18.316 -- 00:01:23.505 I've said before, we leave with underwriting and we continue to grow whilst the cycle 00:01:23.50...