Bermudian-based Lancashire Holdings Ltd delivered its best-ever half-year performance in the first six months of 2024, the company has reported.

It said profit after tax for the half-year was $200.8 million, which compares with $159.2 million in the same period in 2023.

Gross premiums written increased 8.3 per cent year-on-year to $1.28 billion.

Insurance revenue increased 18.5 per cent year-on-year to $854.1 million.

Lancashire reported an insurance service result of $222.8 million, a discounted combined ratio of 73 per cent, and an undiscounted combined ratio of 82.2 per cent.

The total investment return was 2.3 per cent, including unrealised gains and losses.

Alex Maloney, group chief executive, said: “This outstanding result demonstrates the continued success of our long-term strategy to manage the market cycle and further strengthen our business through diversification.

“We have continued to take advantage of favourable market conditions while holding true to our principles of disciplined underwriting and optimised capital allocation.”

He added: “With our strong balance sheet and capital base, we remain in excellent health going into the second half of the year.”