Opinion: Lancashire's secret sauce

Other London market firms will almost certainly be looking atLancashire's Q4 results with a touch of envy.
At this stage in the cycle, a combined ratio of 79 percent is a
rarity - and an achievement (even acknowledging the carrier's
leverage disadvantage versus its peer group).
As Shore Capital analyst Eamonn Flanagan noted, this metric of
underwriting profitability is unlikely to be beaten by any of
Lancashire's UK peers.
Investors certainly liked what they saw. Shortly after market
opening...