A storm, of sorts, broke over Lancashire Holdings yesterday after the FTSE 250 insurance company warned of potential future multimillion-dollar losses. Its exposure to recent natural disasters including Hurricane Ida and the European storms Xero and Bernd could cost it between $165 million and $185 million, it said, adding that another loss of $40 million was to be expected because of civil unrest in South Africa.
The company seemed confident that business would not be affected by such reverses. Alex Maloney, its chief executive, said: “For Lancashire, these loss estimates are within our expectations for these types of events and demonstrate the value of our products to our (re)insureds and other stakeholders.”
Analysts, too, seemed unfazed by the update. Peel Hunt, the City brokerage, was
