Lancashire Holdings Limited (LRE) Q2 2026 Earnings Call

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WEBVTT 00:00:00.827 -- 00:00:05.969 Hello, and welcome to the Lancashire Holdings Limited Q2 2026 earnings 00:00:05.969 -- 00:00:10.911 call. Throughout the call, all participants will be in listen-only mode, and afterwards, 00:00:10.911 -- 00:00:13.612 there will be a question-and-answer session. 00:00:13.612 -- 00:00:16.674 Today, I'm pleased to present Alex Maloney, CEO. 00:00:16.674 -- 00:00:19.714 Please go ahead with your meeting. 00:00:19.955 -- 00:00:24.934 Thank you. Good morning, everyone, and thank you for everyone who joined our call today. 00:00:24.934 -- 00:00:29.155 As usual, I'll start with the highlights of the six months before handing over to Paul 00:00:29.155 -- 00:00:33.096 and Natalie to provide more details behind the results. 00:00:33.136 -- 00:00:37.537 Overall, this has been a strong six-month period for Lancashire, with broadly stable 00:00:37.537 -- 00:00:42.838 income and an attractive annualised ROE of nearly 20%. 00:00:43.159 -- 00:00:47.340 This means Lancashire is well positioned to manage and capitalise on the next phase of 00:00:47.340 -- 00:00:49.860 the insurance cycle. 00:00:50.297 -- 00:00:55.080 At Lancashire, underwriting comes first and we have a focus on disciplined, profitable 00:00:55.080 -- 00:00:58.242 growth from a diversified portfolio. 00:00:58.242 -- 00:01:03.285 You can see the results of this approach in a broadly stable gross return premiums compared 00:01:03.285 -- 00:01:08.887 with a year ago and an undiscounted combined ratio of 91%. 00:01:09.769 -- 00:01:15.232 Importantly, we continue to invest in our franchise to diversify our underwriting 00:01:15.232 -- 00:01:16.808 opportunities. 00:01:16.808 -- 00:01:22.910 notably with planned expansion in US product lines including inland marine, 00:01:22.910 -- 00:01:...