Lancashire profit rises as top line shrinks

First-quarter pre-tax profit at London market carrier Lancashire
rose 8.3 percent year-on-year to $28.7mn as the company ceded more
premium to reinsurers.Lancashire's profit compared with a consensus expectation
that the carrier would earn $29.2mn.Gross written premiums (GWP) fell almost 15 percent to $196.5mn
year-on-year, which chief financial officer (CFO) Elaine Whelan
attributed to both pricing and exposure reductions and "the
timing of renewal of longer term deals" in the property and
ener