Lancashire Holdings Ltd (AIM:LRE, OTC:LCSHF) announced a special dividend and said it expects its underwriting performance to be at the top end of forecasts despite big hits from recent weather events.
Estimated ultimate net losses from US hurricanes Milton, Helene, Debby and Storm Boris, and the Calgary hailstorms, are expected to be in the range of US$110 million to US$140 million, said the Lloyds underwriter.
Gross written premiums rose 9% to US$1.7 billion in the nine months to September 2024 while the investment portfolio is up to US$3.2 billion.
Alex Maloney, chief executive, commented: “Following our strong operating performance, I am pleased to announce the approval of a special dividend of 75 cents per share, which will result in an aggregate payment of approximately $180 million.
“We continue to hold an extremely robust capital position to underwrite the growth opportunities we expect to see in 2025.”
Shares rose 8.4% to 682p.