LONDON (dpa-AFX) - Lancashire Holdings (LRE.L) reported a plunge in third-quarter 2013 pre-tax profit to $25.7 million, from the prior year's $78.0 million. Excluding non-controlling interests, profit after tax attributable to Lancashire was $25.4 million, down sharply from last year's $78.8 million.
Quarterly earnings per share amounted to $0.13, a sharp decline, compared with $0.42 in the 2012 period.
Three-month total net revenue slipped to $155.9 million, from $157.8 million. On the other hand, gross premiums written for the period totaled $125.0 million, higher than $113.5 million reported a year back, with net premiums written rising year-over-year to $121.6 million, from $109.8 million.
Separately, the company announced the appointment of Simon Fraser as a non-executive director. The appointment was made on November 5, 2013. Further, Lancashire reported that, as part of the orderly rotation of the Lancashire Board, both Ralf Oelssner and John Bishop would retire from the Lancashire board following the 2014 AGM. Ralf Oelssner joined the board in 2005 and John Bishop in 2008.
In addition, the board declared a special dividend for 2013 of $0.45 per share, which would result in an aggregate payment of about $81.3 million. The dividend would be paid in Pounds Sterling on December 20 to shareholders of record on November 29 using the £ / $ spot market exchange rate at 12 Noon London time on the Record Date.
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© 2013 AFX News
