The Group’s strategy is centred on the goal of maximising risk-adjusted returns across the cycle.
The Group believes that its strength lies in excellence in the underwriting risk selection process.
The Group also aims to maintain a strong balance sheet. An adequate level of capital must be maintained to support the Group’s underwriting activities, including future opportunities, and the mix of capital must be sufficiently conservative in order to preserve that capital.
“Our strategy hasn’t changed in its fundamentals since the business was founded – we believe that underwriting comes first; we need to balance risk and return; and importantly have the agility to operate through the cycle. Everything we do is driven by the underwriting opportunity. I believe in the long-term and in navigating the Group with a clear focus on what we are doing and where we are going. That means future-proofing the business through investment in talent and ensuring operational efficiency with a laser-sharp focus on getting the fundamentals of the business right.”
Alex Maloney - Group Chief Executive Officer
Our three strategic priorities
Underwriting comes first
Exploring opportunities for growth in markets where we believe the right long-term opportunities exist, and rigorously monitoring and managing our risk exposures.
- Growth in existing and new classes where favourable and improving market conditions exist.
- Focus on maintaining a diversified portfolio structure and our core clients.
- Use the principle of peer review throughout the Group.
- We continue to add new expertise to the Group and diversify our underwriting portfolio. Gross premiums written increased to $1.7 billion in 2022. This growth came from both newer and more established classes.
Balance risk and return through the cycle
Maximise risk-adjusted returns
Our speed and agility in the way we manage volatility help us underwrite our core portfolio profitably through the challenges of the cycle, yet seize opportunities when they present themselves.
- Explore opportunities for top-line growth in markets where we believe the right long-term opportunities exist and rigorously monitor and manage our risk exposures.
- Use our speed and agility to manage volatility and underwrite our core portfolio profitably through the challenges of the cycle.
- Deploy capital quickly when it is needed and having the discipline to return it when it is not.
- We have increased our underwriting footprint and optimised our portfolio in areas where rating has improved, whilst adding new complementary classes of business.
Insurance market employer of choice
Positive culture enables sustainability
Maintaining our positive culture and the ability to retain and attract the best talent is key for success, coupled with a strong focus on profitability and risk selection.
- Foster entrepreneurial, collaborative culture through the Lancashire values.
- Improve operational efficiency and data capabilities through business transformation activities.
- Develop the Group’s ESG principles to ensure we operate responsibly as a business.
- Employee headcount increased to 338 in 2022 with new talent attracted by Lancashire’s positive corporate culture.
- More than $149,000 donated to charitable organisations nominated by employees in 2022.