(Reuters) - Property and casualty insurer Lancashire Holdings Ltd (L:LRE) reported on Thursday a near 48 percent jump in first-quarter pretax profit, as claims paid out were lower than the premiums brought in.
The company, which writes policies for heavy-duty assets such as oil rigs, ships and aircraft, said pretax profit rose to $42.4 million in the quarter ended March 31, from $28.7 million a year earlier.
The insurer's gross written premiums rose about 9.8 percent to $215.8 million in the quarter from a year earlier, while its combined ratio improved to 65.2 percent from 85.6 percent.