Board Change • May 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Bob Cox was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 06
Lancashire Holdings Limited, Annual General Meeting, Apr 29, 2026 Lancashire Holdings Limited, Annual General Meeting, Apr 29, 2026. Announcement • Feb 15
Lancashire Holdings Ltd Provides Loss Estimate Relating to California Wildfires Lancashire Holdings Limited announced that it estimates its aggregate net ultimate losses relating to the wildfires in California, which occurred in January 2025, in the range of $145 million to $165 million. This estimate falls within the Company's modelled loss ranges for this type of catastrophe event. This estimate is undiscounted, after anticipated recoveries from Lancashire's outwards reinsurance programme and the impact of outwards and inwards reinstatement premiums. Lancashire's preliminary estimate has been derived from a combination of market data and assumptions, a limited number of provisional loss advices, limited client loss data and modelled loss projections. Declared Dividend • Nov 09
Dividend of US$0.75 announced Shareholders will receive a dividend of US$0.75. Ex-date: 14th November 2024 Payment date: 13th December 2024 Dividend yield will be 18%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 24% over the next 3 years. However, it would need to fall by 84% to increase the payout ratio to a potentially unsustainable range. New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Nov 07
Lancashire Holdings Limited Declares Special Dividend for the Year Ended 31 December 2024, Payable on 13 December 2024 Lancashire Holdings Limited has declared a special dividend of 75 cents per common share (approximately 58 pence per common share at the current exchange rate), which will result in an aggregate payment of approximately $180 million. The dividend will be paid in Pounds Sterling on 13 December 2024 (the “Dividend Payment Date”) to shareholders of record on 15 November 2024 (the “Record Date”) using the £/$ spot market exchange rate at 12 noon London time on the Record Date. Announcement • Nov 06
Lancashire Holdings Limited Announces Board and Committee Changes Lancashire Holdings Limited announced the appointment of two new Non-Executive Directors. Nathalie Rachou has joined the Company’s Board with effect from 5 November 2024, and Bob Cox has accepted an appointment to join the Board, to take effect on 1 January 2025. The Company has also announced details of Board succession planning for its 2025 AGM. Nathalie Rachou has strong asset management and capital markets experience, with commercial and financial expertise across several sectors including as a senior manager and entrepreneur. She holds directorships on the boards of UBS Group AG and Euronext NV. She has previously served on the boards of Veolia Environnement, Laird Group plc, Altran SA, and Société Générale. Nathalie Rachou worked at Banque Indosuez and Crédit Agricole Indosuez from 1978 until 1999, where she gained experience in a number of senior roles. In 1999, Ms Rachou founded Topiary Finance Ltd, an asset management company based in London, serving as CEO until its merger with Rouvier Associés in 2015. She served as a senior advisor at Rouvier Associés-Clartan until 2020. Bob Cox is an experienced insurance underwriter and senior manager with experience of the US and international insurance markets. He joined Markel in 2018 as President and Chief Operating Officer, Insurance Operations and stepped down from that role in December 2023. During his tenure, Mr. Cox oversaw Markel's global insurance operations, including its specialty and international divisions. Prior to joining Markel, Mr. Cox served in a number of leadership positions within Chubb Specialty Insurance, including roles as Chief Underwriting Officer and later as the Chief Operating Officer. Earlier in his career at Chubb he specialised as an underwriter in directors and officers and errors and omissions lines. He has extensive experience of insuring financial institutions and in US and international casualty lines. Rob Lusardi and Michael Dawson have each served as Non-Executive Directors on the Lancashire Board for over eight years. In accordance with recommended UK governance practice, both Mr. Lusardi and Mr. Dawson have decided not to submit themselves for re-election and to step down as Directors at the 2025 AGM, which is planned for the 30th April 2025. Lancashire also announces that Linda Ventresca, Non-Executive Director, has been appointed as a member of the Audit Committee and Investment Committee. Board Change • Sep 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Linda Ventresca was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 11
First half 2024 earnings released: EPS: US$0.84 (vs US$0.67 in 1H 2023) First half 2024 results: EPS: US$0.84 (up from US$0.67 in 1H 2023). Revenue: US$708.9m (up 28% from 1H 2023). Net income: US$200.8m (up 26% from 1H 2023). Profit margin: 28% (in line with 1H 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 11
Dividend of US$0.075 announced Shareholders will receive a dividend of US$0.075. Ex-date: 15th August 2024 Payment date: 13th September 2024 Dividend yield will be 17%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 16% over the next 3 years. However, it would need to fall by 84% to increase the payout ratio to a potentially unsustainable range. New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 15
Fourth quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 9th May 2024 Payment date: 7th June 2024 Dividend yield will be 16%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 8.1% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: US$1.35 (vs US$0.014 loss in FY 2022) Full year 2023 results: EPS: US$1.35 (up from US$0.014 loss in FY 2022). Revenue: US$2.50b (up 149% from FY 2022). Net income: US$1.84b (up US$1.84b from FY 2022). Profit margin: 74% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Revenue is expected to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Insurance industry in Germany are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Mar 07
Lancashire Holdings Limited Declares Special Dividend for the Year Ended 31 December 2023, Payable on 12 April 2024 Lancashire’s Board of Directors has declared a special dividend of $0.50 per common share (approximately £0.39 per common share at the current exchange rate) for the year ended December 31, 2023, which will result in an aggregate payment of approximately $119.0 million. The dividend will be paid in Pounds Sterling on 12 April 2024 (the Dividend Payment Date) to shareholders of record on 15 March 2024 (the Record Date) using the £/$ spot market exchange rate at 12 noon London time on the Record Date. Announcement • Nov 11
Lancashire Holdings Limited, Annual General Meeting, May 01, 2024 Lancashire Holdings Limited, Annual General Meeting, May 01, 2024. Agenda: To consider the Non-Executive Director Appointment and Lancashire Board Chair Succession Planning. Reported Earnings • Aug 11
First half 2023 earnings released: EPS: US$0.67 (vs US$0.31 in 1H 2022) First half 2023 results: EPS: US$0.67 (up from US$0.31 in 1H 2022). Revenue: US$495.6m (up 12% from 1H 2022). Net income: US$159.2m (up 114% from 1H 2022). Profit margin: 32% (up from 17% in 1H 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jul 08
Lancashire Holdings Limited to Report First Half, 2023 Results on Aug 10, 2023 Lancashire Holdings Limited announced that they will report first half, 2023 results on Aug 10, 2023 New Risk • Jun 13
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €181k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Significant insider selling over the past 3 months (€181k sold). Upcoming Dividend • Apr 27
Upcoming dividend of US$0.10 per share at 2.5% yield Eligible shareholders must have bought the stock before 04 May 2023. Payment date: 02 June 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.3%). Reported Earnings • Feb 12
Full year 2022 earnings released: US$0.01 loss per share (vs US$0.26 loss in FY 2021) Full year 2022 results: US$0.01 loss per share (improved from US$0.26 loss in FY 2021). Revenue: US$1.00b (up 35% from FY 2021). Net loss: US$3.30m (loss narrowed 95% from FY 2021). Combined ratio: 97.7% (down from 107.3% in FY 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Insurance industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Announcement • Feb 10
Lancashire Holdings Limited Declares a Final Dividend, Payable on 2 June 2023 Lancashire Holdings Limited announced that its Board of Directors has declared a final dividend of $0.10 (approximately £0.08) per common share, subject to a shareholder vote of approval at the AGM to be held on 26 April 2023, which will result in an aggregate payment of approximately $23.8 million. On the basis that the final dividend is approved by shareholders at the AGM, the dividend will be paid in Pounds Sterling on 2 June 2023 (the Dividend Payment Date) to shareholders of record on 5 May 2023 (the Record Date) using the £/$ spot market exchange rate at 12 noon London time on the Record Date. Board Change • Feb 03
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Sally Angela Williams was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 31
Lancashire Holdings Limited to Report Q4, 2022 Results on Feb 10, 2023 Lancashire Holdings Limited announced that they will report Q4, 2022 results at 7:00 AM, Coordinated Universal Time on Feb 10, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Sally Angela Williams was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 04
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Sally Angela Williams was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 03
Lancashire Holdings Limited Announces Board Changes Lancashire Holdings Limited announced that Robert Lusardi has been appointed Senior Independent Director with effect from November 3, 2022. Robert has been an independent Non-Executive Director since 8 July 2016. He is the Chair of the Investment Committee and is also a member of both the Audit and Remuneration Committees. Robert will take over as the Senior Independent Director from Simon Fraser who has served as Senior Independent Director since 30 April 2014. Simon has stepped down from the role as he approaches nine years’ of service as a Non-Executive Director of the Company. It is expected that Simon will not stand for re-election at the Company’s AGM in 2023. Announcement • Oct 05
Lancashire Holdings Limited to Report Q3, 2022 Results on Nov 03, 2022 Lancashire Holdings Limited announced that they will report Q3, 2022 results on Nov 03, 2022 Reported Earnings • Jul 28
First half 2022 earnings released: EPS: US$0.30 (vs US$0.20 in 1H 2021) First half 2022 results: EPS: US$0.30 (up from US$0.20 in 1H 2021). Revenue: US$442.4m (up 28% from 1H 2021). Net income: US$74.4m (up 56% from 1H 2021). Profit margin: 17% (up from 14% in 1H 2021). Over the next year, revenue is forecast to grow 83%, compared to a 22% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Jun 18
Lancashire Holdings Limited to Report Q2, 2022 Results on Jul 27, 2022 Lancashire Holdings Limited announced that they will report Q2, 2022 results on Jul 27, 2022 Recent Insider Transactions • May 18
Group CFO & Director recently bought €58k worth of stock On the 9th of May, Natalie Kershaw bought around 13k shares on-market at roughly €4.62 per share. In the last 3 months, there was an even bigger purchase from another insider worth €119k. Natalie has been a buyer over the last 12 months, purchasing a net total of €118k worth in shares. Upcoming Dividend • May 05
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 12 May 2022. Payment date: 10 June 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.1%). Lower than average of industry peers (4.7%). Recent Insider Transactions • Mar 21
Group CFO & Director recently bought €59k worth of stock On the 14th of March, Natalie Kershaw bought around 12k shares on-market at roughly €4.78 per share. In the last 3 months, there was an even bigger purchase from another insider worth €119k. This was Natalie's only on-market trade for the last 12 months. Recent Insider Transactions • Mar 17
Group CEO & Director recently bought €119k worth of stock On the 10th of March, Alexander Maloney bought around 26k shares on-market at roughly €4.57 per share. This was the largest purchase by an insider in the last 3 months. This was Alexander's only on-market trade for the last 12 months. Reported Earnings • Feb 12
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.26 loss per share (down from US$0.019 profit in FY 2020). Revenue: US$743.7m (up 35% from FY 2020). Net loss: US$62.2m (down US$66.4m from profit in FY 2020). Combined ratio: 107.3% (down from 107.8% in FY 2020). Revenue exceeded analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 71%, compared to a 15% growth forecast for the insurance industry in Germany. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Feb 12
Lancashire Holdings Limited, Annual General Meeting, Apr 27, 2022 Lancashire Holdings Limited, Annual General Meeting, Apr 27, 2022. Agenda: To approve a final dividend for 2021 of $0.10 (approximately £0.07) per common share, subject to a shareholder vote of approval. Announcement • Feb 11
Lancashire Holdings Limited Proposes Final Dividend, Payable 10 June 202 Lancashire announces that its Board of Directors has declared a final dividend for 2021 of $0.10 per common share, subject to a shareholder vote of approval at the AGM to be held on 27 April 2022, which will result in an aggregate payment of approximately $24.2 million. On the basis that the final dividend is approved by shareholders at the AGM, the dividend will be paid in Pounds Sterling on 10 June 2022 to shareholders of record on 13 May 2022. Recent Insider Transactions • Nov 14
Independent Non-Executive Director recently bought €58k worth of stock On the 8th of November, Sally Angela Williams bought around 10k shares on-market at roughly €6.05 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €256k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 11
Independent Non-Executive Director recently bought €58k worth of stock On the 8th of November, Sally Angela Williams bought around 10k shares on-market at roughly €6.05 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €256k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 05
Key Executive recently bought €168k worth of stock On the 30th of July, Peter Clarke bought around 23k shares on-market at roughly €7.47 per share. This was the largest purchase by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Reported Earnings • Jul 31
First half 2021 earnings released: EPS US$0.20 (vs US$0.13 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: US$344.5m (up 40% from 1H 2020). Net income: US$47.7m (up US$73.7m from 1H 2020). Profit margin: 14% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Upcoming Dividend • Apr 29
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 04 June 2021. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (4.1%). Announcement • Mar 11
Lancashire Holdings Limited, Annual General Meeting, Apr 28, 2021 Lancashire Holdings Limited, Annual General Meeting, Apr 28, 2021, at 15:30 Coordinated Universal Time. Location: Power House, 7 Par-la-Ville Road Hamilton Bermuda Announcement • Mar 09
Lancashire Holdings Limited Announces Launch of Offering of Junior Subordinated Notes Lancashire Holdings Limited announces that it has launched an offering of up to $450 million in aggregate principal amount of fixed-rate reset junior subordinated notes due 2041 (the “Notes”) (the “Offering”). The Company would expect to use the majority of the net proceeds of the Offering to redeem its outstanding senior and subordinated indebtedness, with the balance being used for general corporate purposes. The Company is expecting the Notes to receive “Tier 2 Ancillary Capital” treatment by the Bermuda Monetary Authority. The Offering is expected to be conducted as a private offering to qualified institutional investors in various jurisdictions and outside of the U.S. in accordance with Regulation S under the U.S. Securities Act of 1933, as amended, (the “Securities Act”). The Notes are expected be sold and registered in minimum denominations of $200,000 and integral multiples of $1,000 in excess thereof. Application will be made for the Notes to be admitted to trading on the International Securities Market of the London Stock Exchange. Reported Earnings • Feb 11
Full year 2020 earnings released: EPS US$0.02 (vs US$0.59 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: US$550.1m (up 11% from FY 2019). Net income: US$4.20m (down 96% from FY 2019). Profit margin: 0.8% (down from 24% in FY 2019). The decrease in margin was driven by higher expenses. Combined ratio: 107.8% (up from 80.9% in FY 2019). Is New 90 Day High Low • Feb 10
New 90-day high: €8.45 The company is up 10.0% from its price of €7.70 on 11 November 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Insurance industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.71 per share. Announcement • Jan 09
Lancashire Holdings Limited to Report Q4, 2020 Results on Feb 10, 2021 Lancashire Holdings Limited announced that they will report Q4, 2020 results at 7:00 AM, Coordinated Universal Time on Feb 10, 2021 Is New 90 Day High Low • Oct 21
New 90-day low: €7.33 The company is down 19% from its price of €9.06 on 23 July 2020. The German market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.99 per share. Is New 90 Day High Low • Sep 24
New 90-day low: €8.04 The company is down 9.0% from its price of €8.85 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €10.72 per share. 