As the traditional company market rated (re)insurer operating through its Bermuda and London subsidiaries, Lancashire underwrites a substantial part of the Group's core portfolio and has the ability to respond nimbly in post loss situations.
Carrying substantial capital headroom, above both regulatory and rating agency requirements, allows the Lancashire operating companies to respond quickly to new opportunities. The daily underwriting call and the fortnightly risk and return committee ensure that the companies are continually attuned to market developments, and have an unfiltered view of the underwriting environment.
Lancashire Insurance Company (UK) Limited writes mostly direct insurance with a leading presence in the energy, terrorism, political risk, marine hull and AV52 markets from London.
Lancashire Insurance Company Limited, based in Bermuda, facilitates the acceptance of larger risks, both on its own account and as a reinsurer of the direct writers in the Group at Lancashire Insurance Company (UK) Limited and Lancashire Syndicates Limited. It writes the larger reinsurance and retrocession risks often of worldwide or super-regional cedents.
Lancashire’s lines of business and further information on these are as follows:
aviation
Lancashire is a major aviation writer with substantial capacity and writes a comprehensive book of Excess AV52 with worldwide trading patterns and attachment points that vary between $50M and $250M.
As with all classes of business, we offer consistency, broad coverage, timely response and commitment to our core accounts through the cycle.
energy
Lancashire is a major energy writer with substantial capacity covering Upstream, Downstream and Onshore Operational and Upstream Construction All Risks business.
We cover Upstream Operational (Physical Damage/Control of Well of Production Income/Third Party Liability) and Upstream Construction All Risks (Physical Damage/Third Party Liabilities) business. We have the ability to offer standalone catastrophe coverage for wind, earthquake and flood as well as standalone business interruption coverage.
We cover Downstream and Onshore Operational (Physical Damage/Business Interruption) business.
We can write on either a quota share or excess basis for Upstream, Downstream and Onshore Operational and Upstream Construction business.
As with all classes of business, we offer consistency, broad coverage, timely response and commitment to our core accounts through the cycle.
Marine
Lancashire offer a range of coverages within our marine portfolio: marine hull, total loss only, mortgagees interests insurance, mortgagees additional perils, excess protection & indemnity, marine war and builder’s risks.
We prefer to write high-profile accounts, cruise vessels and liquid natural gas carriers. We also offer a limited amount of capacity for marine reinsurances, both excess of loss and retrocession including the International Group.
As with all classes of business, we offer consistency, broad coverage, timely response and commitment to our core accounts through the cycle.
Property
Lancashire offers a number of property products including:
Reinsurance solutions
Worldwide Property Catastrophe Excess of Loss (XOL) and Territorial Specific Retrocession. Our Catastrophe XOL Account focuses on traditional established market placements for reinsured's across the globe.
Specialty solutions
- Industry Loss Warranty with PCS, Perils, Sigma and Nat Cat as acceptable indexes.
- Multi Peril Crop Insurance on a Stop Loss Basis.
- Terrorism: Reinsurance of Pools, Direct & Facultative, Sovereign Obligors. Our terrorism department underwrites a wide range of risks from energy, utilities and manufacturing to retail, real estate, leisure and entertainment and hotels. We write on either a primary, excess or quota share basis and bring significant capacity to those risks which require meaningful limits of cover. We also underwrite full political violence cover including war and strike, riot and civil commotion.
- Political Risk and Soveriegn Obligors: Lancashire offers political risk insurance products including confiscation, expropriation, nationalisation, deprivation, political violence including war and terrorism, and currency inconvertibility/ non transfer. Lancashire also provides contract frustration cover (CF) against sovereign and quasi sovereign entities. Lancashire does not offer insurance for private credit risk.
- Energy including Nuclear Power.
This list is of course not exhaustive and we can consider reinsuring other specialty short tail niche lines of business upon request. As with all classes of business, we offer consistency, broad coverage, timely response and commitment to our core account through the cycle.
Lancashire Insurance Company (UK) Limited ("LUK")
Financials
Lancashire Insurance Company (UK) Limited - Financials 2023
Lancashire Insurance Company (UK) Limited - Financials 2022
Lancashire Insurance Company (UK) Limited - Financials 2021
Lancashire Insurance Company (UK) Limited - Financials 2020
Lancashire Insurance Company (UK) Limited - Financials 2019
Governance Reporting
Terms of Reference - Board (PDF)
Terms of Reference - Audit Committee (PDF)
Terms of Reference - Executive Management Committee (PDF)
Terms of Reference - Regulatory Reporting Oversight Committee (PDF)
Terms of Reference - Remuneration Committee (PDF)
Regulatory Reporting
Solvency and Financial Condition Report - 31 December 2023
Solvency and Financial Condition Report - Appendix 1 - Public QRTs - 31 December 2023
Solvency and Financial Condition Report - 31 December 2022
Solvency and Financial Condition Report - Appendix 1 - Public QRTs - 31 December 2022
Solvency and Financial Condition Report - 31 December 2021
Solvency and Financial Condition Report - Appendix 1 - Public QRTs - 31 December 2021
Solvency and Financial Condition Report - 31 December 2020
Solvency and Financial Condition Report - Appendix 1 - Public QRTs - 31 December 2020
Solvency and Financial Condition Report - 31 December 2019
Solvency and Financial Condition Report - Appendix 1 - Public QRTs - 31 December 2019
Customer Complaints
Lancashire is committed to providing a professional service to maintain fair outcomes for our customers at all times. If you are dissatisfied or have any complaints about your policy or the handling of a claim you should, in the first instance, contact Steve Yeo on the following details:
By telephone: +44 (0)20 7264 4029
Email: [email protected]
Write to: Claims & Complaints
Lancashire Insurance Company (UK) Limited
20 Fenchurch Street
London
EC3M 3BY
If you were sold this product online or by other electronic means and within the European Union (EU) you may refer your complaint to the EU Online dispute Resolution (ODR) platform. Upon receipt of your complaint the ODR will escalate your complaint to your local dispute resolution service – this process is free and conducted entirely online.
Should you remain dissatisfied, you may, if eligible, refer your complaint to the Financial Ombudsman Service (FOS). The Financial Ombudsman Service is an independent service in the UK for settling disputes between consumers and businesses providing financial services.
The FOS’s contact details are as follows:
Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Email: [email protected]
Telephone: +44 (0)300 123 9 123
Website: www.financial-ombudsman.org.uk
Brexit
As of 1 January 2021, LUK, which is authorised in the UK, no longer has the right to offer insurance services in the EU under the Freedom of Services regime previously provided through the UK's membership of the EU and accordingly LUK no longer has "passporting" rights in the EU.
However, LUK will be relying on the run off regime established by the various EU countries for unexpired policies which incepted before 31 December 2020, and intends to continue to service those policies and clients in good faith including the payment of all agreed claims until the expiry of those insurance contracts.