2024-05-04 22:18:09 ET
Start Time: 08:00
End Time: 08:43
Lancashire Holdings Limited (LCSHF)
Q1 2024 Sales/Trading Statement Call
May 02, 2024, 08:00 AM ET
Company Participants
Alex Maloney - Group CEO
Paul Gregory - Group Chief Underwriting Officer and LCM CEO
Natalie Kershaw - Group CFO
Denise O'Donoghue - Chief Investment Officer
Jelena Bjelanovic - IR
Conference Call Participants
Alexander Evans - Citi
Tryfonas Spyrou - Berenberg
Kamran Hossain - JPMorgan
Will Hardcastle - UBS
Anthony Yang - Goldman Sachs
Faizan Lakhani - HSBC
Presentation
Operator
Hello, and welcome to the Lancashire Holdings Limited Q1 2024 Earnings Call. Throughout the call, all participants will be a 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 Alex Maloney. Please begin your meeting.
Alex Maloney
Thank you, operator. Good morning, everyone. Thank you for joining our call today. I'll just give some brief highlights on the progress that we've made through the quarter and the priorities we have for our business. Paul will then focus on some underwriting progress and then Natalie will cover the financials and then we'll go to Q&A. I'm delighted that with the continued momentum in our business, delivering another record first quarter. Our long-term strategy is to grow when the underwriting opportunities are strong, and we did that again this quarter.
We continue to grow our premiums in excess of the positive rate change we see, demonstrating real momentum at the right time in the underwriting cycle. Underwriting margins continue to be attractive. Our aggregate rate change of 104% is achieved on the back of multiyear compound rate increases and as you know, with insurance accounting, the way it is, this bodes well not just for this year's profits but also for the future. I want to touch on the tragic impact of the Baltimore bridge disaster. In the past, events like this would have had a substantial impact on our ability to deliver strong shareholder returns....
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Lancashire Holdings Limited (LCSHF) Q1 2024 Sales/Trading Statement Call Transcript