Lancashire still chipper after unusually tough year

Insurance underwriter Lancashire Holdings survived one of the toughest years for the insurance industry in living memory in 2011 and says things are beginning to look up.

Insurance underwriter Lancashire Holdings survived one of the toughest years for the insurance industry in living memory in 2011 and says things are beginning to look up.

The optimistic tone comes despite 2012 getting off to a bad start, with January's Costa Concordia cruise ship disaster. Based on an industry loss of $850m, Lancashire's exposure is estimated to be around $35m net of reinsurance and reinstatement premiums, though the final figure may yet change.

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