1st May 2022

Lancashire outlines Ukraine impact
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Lancashire Holdings has announced its trading statement for the first quarter.
Trading highlights are:
-Gross premiums written increased by 34.7% year-on-year to $477.9m.
-Group Renewal Price Index (RPI) of 106%.
-Net loss estimates from the conflict incurred within Ukraine in the range of $20-30m.
-Regulatory ECR ratio of approximately 255% as at 31st December 2021.
-Total net investment return of negative 2.3%, primarily driven by unrealised losses.
Alex Maloney, Group ceo, comments “Lancashire continues to be shocked and saddened by the tragic human costs and wider destructive impacts of the conflict in Ukraine. In response to the developing humanitarian crisis, Lancashire is supporting UNICEF and the Red Cross through direct contributions from the Lancashire Foundation as well as matching employee donations.
From a business perspective, we continue to monitor events across Ukraine and Russia with respect to potential
exposure to losses in our political violence, aviation war and marine insurance classes, as well as our aviation and
specialty reinsurance classes.
We estimate that our ultimate net losses incurred within Ukraine are in the range of $20m to $30m.
This continues to be a complex and evolving situation and we will give an update at the announcement of our half
year results in July. While we continue to analyse our potential exposure scenarios in Russia, we consider that any
potential losses would be within our risk tolerances, and would not impact our ability to deliver on our ambitious
growth plans for 2022.
Against this backdrop, underlying trading conditions remain favourable and Lancashire has continued to deliver
strong premium growth in the first quarter, with a 34.7% increase in gross premiums written year-on-year. In light
of the potential for broader market dislocation, we remain confident that our strong balance sheet, robust capital
position and talented underwriting teams, will give us further opportunities for profitable growth during 2022.”

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