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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Lancashire Holdings Limited | LRE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -8.00 | -1.31% | 602.00 | 16:35:13 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 611.00 | 606.00 | 614.00 | 602.00 | 610.00 |
| Industry Sector |
|---|
| NONLIFE INSURANCE |
| Top Posts |
|---|
Posted at 29/4/2024 09:56 by cwa1 Not a lot of chat on here, so here's this weekend's MoS Midas buy tip whilst we wait for Thursday's trading update:-MIDAS SHARE TIPS: Premium income doubles and profits rise eight-fold as insurer Lancashire has disaster covered By JOANNE HART UPDATED: 04:25 EDT, 28 April 2024 View comments The collapse of Baltimore's Francis Scott Key Bridge was both horrific and deadly. Innocent people were killed, disruption persists and the repercussions spread far and wide. Little more than a month after the disaster, the blame game has begun. City officials say the container ship that ploughed into the bridge outside Baltimore port was not seaworthy, and its crew were incompetent. The shipowners have invoked a law dating from before the US Civil War to try to limit their liability. The FBI has launched its own investigation and transport regulators are heavily involved as well. It is an unholy mess, the cost of which will almost certainly run into billions. For insurer Lancashire however, an event such as this is almost business as usual. The company specialises in complex underwriting – providing cover against disasters from storms and earthquakes to oil spills and plane crashes. Formed in the wake of Hurricane Katrina in 2005, Lancashire has become a leading player in its field, operating out of Lloyd's of London and Bermuda, with offices in America and Australia too. The shares are £5.86 and should increase in value, as Lancashire is highly profitable and should continue in that vein. Horror toll: Calamities like the Baltimore bridge collapse are underwritten by leading insurers such as Lancashire +1 Horror toll: Calamities like the Baltimore bridge collapse are underwritten by leading insurers such as Lancashire Most large-scale insurance cases involve numerous underwriters and Baltimore is no exception. The ship that crashed weighed almost 120,000 tons and was carrying 4,600 containers. Both vessel and goods will be insured, as will the bridge and surrounding infrastructure. Underwriters will have been chosen on the basis of the prices they offer and the service they provide. Lancashire is smaller than many peers, with just 400 employees, but the group prides itself on keen pricing, smart risk management and true customer support. Chief executive Alex Maloney, 50, leads by example. Starting out in insurance at the age of 19, he has worked in the industry ever since, joining Lancashire just after it was founded in 2005 and assuming the top job ten years ago. Large scale insurance is all conducted through brokers and knowing the right people is fundamental to success. Maloney has had plenty of time to build relationships in the places that matter and ensure his team do likewise. He has also focused on diversifying Lancashire's business so the group has more customers in a wider range of industries and is less exposed to particular sectors. The strategy has helped Lancashire to triple premium income over the past five years, doubling the number of products it offers and creating a larger and more resilient business. Annual results for 2023 suggest that Maloney is on the right track. Premium income rose 17 per cent to $1.9 billion (£1.5 billion), large claims fell from $329 million to $106 million and post-tax profits soared to $322 million. The final dividend rose 50 per cent to 15 cents (12p) and a special 50 cent (40.2p) dividend was declared, the second such payout in just a few months. RELATED ARTICLES Previous 1 Next MIDAS SHARE TIPS: Mitie by name - and it's mighty by nature Where early bird Isa investors put their cash: The top 10... Is it time to cash in on the GOLD RUSH? Mining stocks could... Where Experts Invest: Why fund manager Rory Stokes backs... SHARE THIS ARTICLE Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account Describing market conditions as the best in a decade, Maloney also announced a change in Lancashire's future dividend policy, increasing the annual ordinary dividend by 50 per cent to 22.5 cents. That is likely to be supplemented by at least one 50 cent special this year too, with payments translated into sterling for UK shareholders, even though Lancashire's results are in dollars, as the US currency dominates the complex insurance sector. Disasters such as the Baltimore bridge collapse are likely to push marine premiums higher and climate change is raising awareness across the business community of the need for cover against storms, droughts and other weather-related events. Rising interest rates have also boosted investment income and may continue to do so. As a dyed-in-the-wool insurance man, Maloney knows better than most that good times do not last forever but extending into different business areas should make Lancashire more resilient. Once the company focused on energy, marine, property and aviation. Today, no line of business accounts for more than 20 per cent of total premium income and the group is involved in areas including private jet insurance, regional hotel chains in America, even equipment used by charities overseas. Most employees own shares as well so they are motivated to deliver results. Midas verdict: Lancashire's premium income has more than doubled and profits have risen eight-fold. Yet the shares have fallen from £8.50 to £5.86, hit by fears about turmoil in the Middle East and war in Ukraine. These seem overdone, given that Lancashire is in the business of risk and has proved its mettle over many years. Decent dividends boost the stock's appeal. Buy and hold. Traded on: Main market Ticker: LRE Contact: lancashiregroup.com or 020 7264 4000 DIY INVESTING PLATFORMS |
Posted at 12/3/2024 08:25 by cwa1 Featured in the Questor column of The Telegraph today as a strong "hold"...This insurer proved its mettle and its special dividends are investors’ reward Questor share tip: Lancashire navigated low interest rates and natural disasters; now it can benefit from higher premiums as rivals drop out Russ Mould 11 March 2024 • 8:00pm Related Topics Insurance industry, Share tips, Natural disasters 59 It really has to be good for this Yorkshireman to extol the virtues of anything to do with Lancashire but last week’s full-year results from Lancashire Holdings, the Lloyd’s of London syndicate manager, appear to more than justify our faith in the stock since our tip in May 2021. We have needed plenty of patience, but the shares are trading at their highest level in more than three years. Strong price increases, higher investment returns (thanks in part to higher bond yields) and skilled underwriting in its specialist areas of insuring (and reinsuring) across aviation, property, marine and energy are all turning into healthy profits at the manager of the Lloyd’s 2010 and 3010 syndicates. Higher claims owing to natural disasters, higher repair costs thanks to inflation and higher costs of capital are all undeniable challenges for non-life insurers (and reinsurers) such as Lancashire. But this combination is also taking capacity out of the insurance market at a time when demand is increasing. As a result, for those players strong enough and smart enough to withstand the storm, headline insurance rates are rising, and savvy specialists such as Lancashire are achieving rapid premium growth as a result. Gross premiums written rose by 17pc in 2023, thanks to firm pricing and what chief executive Alex Maloney termed “the best market conditions we have seen for a decade”. Meanwhile, natural disasters in America, New Zealand and Turkey have not led to losses of any great substance relative to the company’s capital base or book of business. In 2023 net losses from catastrophe, weather and large loss events came to just $106m, down from $329m in 2022, when Hurricane Ian alone cost the company $181m. This is all helping to boost the “combined ratio”, a key measure of profitability for the industry. A combined ratio of less than 100pc means the insurer is in profit and a figure above it means the insurer is in loss. Higher interest rates, and costs of capital, have not just helped Lancashire by draining away supply from the market. They have driven up bond yields and provided the FTSE 250 company with a second tailwind in the form of higher returns on its $2.5bn investment portfolio. As a result of all these trends, profits have surged once more. After two fallow storm-and-war-tossed years, Lancashire has just made its highest profits for a decade. Consequently, the company is increasing its cash returns to shareholders. An increase in the final dividend to $0.15 from $0.10 in 2022, an interim dividend of $0.05 and two special dividends of $0.50 apiece take the total payment for 2023 to $1.15, or around 90p, enough for a 14.2pc yield at the current share price for anyone who bags all four payments. This marks a return to form for Lancashire, which had last paid a special dividend in 2018. But even though profits may be at a decade high, the share price is around a quarter below its record level. Perhaps this is because the dividend has yet to return to the record highs of more than a decade ago. Perhaps it is because investors simply do not believe the company can continue to generate the profits it is making, and dividends it is paying, at a time of ever-growing concern over war in eastern Europe and the Middle East, increased tension between the West and China, not least over Taiwan, and climate change. Yet Lancashire proved its skill during the very tough period of 2017-22 when interest rates were zero, investment returns minimal and catastrophe losses elevated. The company negotiated all those challenges and has begun to reap the benefits as demand rises at a time of crimped capacity, thanks to those very same fallow years. City analysts do expect further increases in profits, thanks to the growth in gross premiums written seen in the past two to three years, while the development of Lancashire’s American business is laying a path for further expansion. Nor should it be forgotten that Lancashire was incorporated nineteen years ago when it seemed as if the catastrophe insurance market was on its knees, in the wake of Hurricanes Katrina, Rita and Wilma. The decision to raise $1bn in capital and start to underwrite business paid off handsomely. The company has since declared more than 900p a share in dividends, including the final and the second special announced alongside the 2023 results, a figure that exceeds the current share price, so its long-term record stands up well. There is still much to like about Lancashire. Hold. Questor says: hold Ticker: LRE Share price at close: 634p |
Posted at 15/7/2022 14:42 by km18 ...from a few months ago...Lancashire is specialised in the provision of reinsurance products and global speciality insurance. intermediaries Brief Analysis: P/FCF = 7.5, above financial services sector benchmark P/E = 9.3, below the financial services sector threshold. Dividend yield 6.05%. Revenue = £747.2m, higher than prior year... ...from WealthOracleAM |
Posted at 14/2/2022 11:06 by km18 Lancashire is specialised in the provision of reinsurance products and global speciality insurance. intermediaries. The Company operates through five segments: Property, Energy, Marine, Aviation and Lloyd's. It underwrites worldwide, insurance and reinsurance contracts that transfer insurance risk, including risks exposed to both natural and man-made catastrophes. The resilient diversified funding structure effectively forced up net revenue from £551.5m to £747.2m. As a result, Lancashire Holdings derived an attractive P/FCF ratio of 7.5, higher than the financial services P/FCF ratio of 5.3, which in turn signifies that Lancashire Holdings allocated its funds more efficiently to finance its operating and investing activities. Subsequently, the firm’s PE ratio stood at 9.3, lower than the financial sector P/E ratio of 15.33, suggesting that Lancashire Holdings is undervalued with respect to the financial sector and thereby the security is expected to surge in value. Consequently, it implies that investors are able to purchase the stock at a discount while still deriving precedented and attractive dividend yield of 6.05%, resulting in ample investment opportunities.Keep up to date with WealthOracle AM |
Posted at 05/1/2022 17:09 by cwa1 5 January 2022Hamilton, Bermuda Notice of Q4 2021 Earnings Release and Conference Call Lancashire Holdings Limited ("Lancashire" or "the Company") will be announcing its 2021 fourth quarter earnings release at 7:00am UK time on Friday 11 February 2022 and hosting an analyst and investor conference call at 1:00pm UK time / 8:00am EST on Friday 11 February 2022. The conference call will be hosted by Lancashire management. |
Posted at 24/10/2021 09:41 by feddie A capital rise at this highly dilutive level would be very investor unfriendly. In any case, they are saying that the losses are within the expected range. |
Posted at 21/10/2021 10:26 by professor john koestler "If you look at the last 10 years of share price, the business has gone nowhere. They pay decent divis in good times and then engage in rights issues taking the cash back in again. Not a great business model!"The business model in that regard is fine. They take the money when market prices are hardening and when they are soft they don't assume they are your best opportunity cost and give it you back. That is why the share price has gone nowhere because it is a symptom of the business model. If you look at overall returns with dividends and the average ROE year-by-year, it is one of the best in the business. Bizarre that you sell when catastrophe events happen. That should be bread and butter for all of us to eat and disregard as investors in insurance. If catastrophe frightens you you shouldn't be here in the first place! The question is: has the quality of underwriting standards fallen. I don't think so. I don't think it needs to. With interest rates likely to increase and catastrophes likely to be more frequent - or seen to be more frequent - with climate change, great opportunity presents itself to those who can ride the fear, collect the data, keep the underwriting standards and remain in the game. I'll be adding if the price falls notably. |
Posted at 01/10/2021 17:34 by cwa1 1 October 2021Hamilton, Bermuda Notice of Q3 2021 Trading Statement and Conference Call Lancashire Holdings Limited ("Lancashire" or "the Company") will be announcing its 2021 third quarter trading statement at 7:00am UK time on Thursday 4 November 2021 and hosting an analyst and investor conference call at 1:00pm UK time / 9:00am EDT on Thursday 4 November 2021. The conference call will be hosted by Lancashire management. |
Posted at 06/7/2021 07:12 by cwa1 Notice of Q2 2021 Earnings Release and Conference CallLancashire Holdings Limited ("Lancashire" or "the Company") will be announcing its 2021 second quarter results at 7:00am UK time on Wednesday 28 July 2021 and hosting an analyst and investor conference call at 2:00pm UK time / 9:00am EDT on Wednesday 28 July 2021. The conference call will be hosted by Lancashire management. |
Posted at 15/10/2019 13:19 by johnroger Lancashire Holdings Limited ("Lancashire" or "the Company") will be releasingits 2019 third quarter trading statement at 7:00am UK time on Thursday 7 November 2019 and hosting an analyst and investor conference call at 1:00pm UK time / 8:00am EST on Thursday 7 November 2019. The conference call will be hosted by Lancashire management. |
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