Lancashire Holdings Limited (LRE) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Lancashire Q3 2025 earnings conference call. The speakers today will be Alex Maloney, Natalie Kershaw, and Paul Gregory. I'll now turn the call over to Alex Maloney, Group Chief Executive Officer. Please go ahead. Okay, thank you. Good morning, everyone. Thank you for joining our call today. We're going to take the usual approach. I will give some highlights on the progress the business has made so far this year. Paul will then focus on the underwriting trends Natalie will cover the financials and then we'll go to Q&A. I'm pleased to report that Lancashire continues to demonstrate the strength and resilience of its franchise, delivering robust results in a dynamic marketing environment. I'd like to highlight three key points. Our strategy remains central to our success. We continue to deliver disciplined, profitable growth. Growth premiums are up 7.4% year-on-year, reaching 1.8 billion supported by a diversified portfolio and disciplined underwriting. Even with the sizable industry loss of California wildfires in Q1, our business is in excellent shape with growth delivered by our new US platform and selective growth in our existing lines. You can expect to see more of this throughout 2026. Looking at the market more broadly, the margins remain favorable and most lines of business fundamentally well-priced. As we've talked before, after many years of rate increases, we're now seeing a more competitive market. We have yet to see more meaningful new capital enter the market, rather it being existing players looking to deploy more. It's still more capital in the industry, but it tends to be more disciplined capital. Second, we are actively managing our capital from a position of strength. In addition to our underwriting profitability, investment returns have b...