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Lancashire Holdings has reported a 15.2% rise in gross premiums written year on year to $814.1 million in its results for the year ended December 31, 2020.
The company's year to date total investment return, including unrealised gains and losses, was 3.9%, while its change in FCBVS (formerly termed Return on Equity or RoE) was 10.2% for the full year.
Alex Maloney, group CEO, said: 'The COVID-19 pandemic has impacted the whole insurance industry as a loss event. Whilst it is too early to comment on total global insured losses from this event, I am pleased that Lancashire's approach to reserving for COVID-19 losses has remained consistent throughout the year, albeit uncertainty still remains as this is an ongoing event.
'As we enter 2021 we have added to our underwriting portfolio a casualty reinsurance book of business underwritten from our Bermuda office, which we intend to build out cautiously over the coming years.'