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Lancashire looks upbeat for 2012
BRITISH insurer and reinsurer Lancashire reported a better-than-expected 2011 profit even though natural disasters drove a 55 per cent increase in claims. The firm, which insures ships, oil rigs and aircraft, said its 2011 pre-tax profit fell 35 per cent to £139.3m, still ahead of analysts’ predictions.
The decline was driven by earthquakes in Japan and New Zealand, as well as a $35m hit from the Costa Concordia shipwreck. The firm said it was optimistic insurance prices would increase in 2012. Shares were flat at 790p yesterday.