Lancashire Holdings Limited, the Bermudian-based reinsurer, has reported that gross premiums written for the first nine months of 2023 increased by 23.2 per cent year-on-year to $1.6 billion.

Issuing a trading statement for the period, Lancashire said IFRS 17 insurance revenue increased by 22.1 per cent year-on-year to $1.1 billion.

The group renewal price index was 117 per cent.

Alex Maloney, group chief executive, said: “During the first nine months of 2023, we have continued to successfully implement our long-term strategy to manage the market cycle and deliver strong profitable growth through a portfolio of diversified products.

“Gross premiums written increased by 23.2 per cent to $1.6 billion in the year to date, with rates remaining extremely attractive across our product lines. We continue to expect a positive environment into 2024, with further opportunities for Lancashire.

“Our investment returns have also continued to benefit from the higher interest-rate environment and the short duration of our portfolio, with a total net investment return, including unrealised gains and losses, of 2.8 per cent for the period.

“Capital management and balancing risk and return have for a long time been at the heart of our strategy, and we continue to hold an extremely robust capital position.

“Our disciplined underwriting and successful diversification strategy mean that we are in a position to pay out some of the capital generated to date, and still have the flexibility to fund further growth and realise our ambitions for this phase of the market cycle.

“Following the strong operating performance in the year-to-date, I am pleased to report that the board has approved a capital return of up to $169 million, including $119 million in special dividend and up to $50 million in buybacks.”