Lancashire (LRE) investor relations material

Executive summary

• Gross premiums written reached $668.4 million in Q1 2026, with insurance revenue up 2.1% year-over-year to $468.6 million and stable top-line performance.

• Growth in insurance was driven by energy, marine lines, and US franchise, while reinsurance saw a planned reduction in property retrocession.

• The quarter featured a benign loss environment and limited exposure to Middle East conflict.

• Affirmed high teens ROE guidance for 2026, reflecting disciplined growth and strong performance.

• Proposal to merge Lloyd’s Syndicates 3010 and 2010 for 2027 and beyond.

Financial highlights

• Insurance revenue increased by $9.7 million, or 2.1%, compared to Q1 2025.

• Gross premiums written: $668.4 million; insurance revenue: $468.6 million.

• Gross premiums earned to written ratio was 79.9%, consistent with prior year.

• Investment returns were positive at 0.3%, with income offsetting unrealized losses.

• Final BSCR/ECR ratio at year-end was 254%.

Outlook and guidance

• Guidance for a high teens ROE in 2026 reaffirmed, with stable top-line premiums and insurance revenue anticipated.

• Operating expenses expected to remain consistent.

• Capital headroom to be maintained comfortably above 170% BSCR.

• Market softening is expected to remain orderly, with no major surprises anticipated.

• Continued focus on maximizing growth opportunities and disciplined risk selection.