Lancashire sees $20-30 million in insurance losses from Ukraine conflict

div classBodysc17zpet90 cdBBJodivpLONDON Reuters – Lloyds of London insurer Lancashire Holdings estimates its net losses from the Ukraine conflict at around 2030 million and within its risk tolerances, it said on Thursday.p

pLancashire was continuing to monitor the situation in Russia and Ukraine and its impact on its political violence, aviation war and marine insurance businesses, as well as on its aviation and specialty reinsurance lines, it said in a first quarter update.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pLancashires shares have been under pressure as it is seen as one of the insurers most exposed to losses in aviation insurance, with hundreds of leased planes stranded in Russia following sanctions.p

pS&P Global sees global aviation insured losses of up to 15 billion following Russias invasion of Ukraine, and analysts were predicting a bigger hit for Lancashire.p

p“While we continue to analyse our potential exposure scenarios in Russia, we consider that any potential losses would be within our risk tolerances, and would not impact our ability to deliver on our ambitious growth plans for 2022,” chief executive Alex Maloney said.p

p“We remain confident that our strong balance sheet, robust capital position and talented underwriting teams will give us further opportunities for profitable growth during 2022.”p

pLancashire posted pretax losses of 56.8 million for 2021.p

pLancashires gross written premiums rose by 34.7 yearonyear to 477.9 million in the first quarter.p

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pp Reporting by Carolyn Cohn, editing by Sinead Cruisep

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