Lancashire profit rises

LLOYD’S of London insurer Lancashire Holdings yesterday launched a new capital management division as it unveiled a slight rise in year-end income.

Net operating profit hit $220.3m (£144m), up $1.3m on last year, despite the company booking a $44.5m loss on claims associated with superstorm Sandy.

Chief executive Richard Brindle said the decision to set up Lancashire Capital Management would help the business grow by partnering “with third party capital providers” but he would ensure that “these projects don’t distract us from the mothership”.