Partly reflecting a $25m (£16m) hit from the Deepwater Horizon rig disaster, as well as expected Chilean earthquake losses of between $80m and $115m, Lancashire's half-year profit fell 36 per cent year-on-year to $94.6m.
But Lancashire's combined ratio (of claims to premiums) still reached an admirably profitable 51.5 per cent - most Lloyd's players report ratios at least 30 percentage points higher (ie, worse). And, while there was some modest premium-rate softening on most business lines, rates did rise for the Gulf of Mexico energy and the energy offshore worldwide accounts. Meanwhile the investment book - which is almost totally focused on cash and high quality bonds - managed a decent 5.2 per cent annualised investment return.
When: 28 May 2009
Price: 495p
Tip performance to date: +3%