- Lancashire Holdings warned Monday it expected to report a loss in the third quarter owing to an expected loss of $30m from events within its marine portfolio.

The company also said it expected further losses in the range of $25m to $45m from exposure to natural catastrophe events.

The company cited a number of natural catastrophe events expected to hurt profits, including hurricane Florence, and typhoons Jebi, Mangkhut and Trami. 'Given these loss estimates, Lancashire expects that it will produce a negative return on equity for the third quarter of 2018,' the company said. Excluding these events, the company would have been profitable for the third quarter.

Lancashire said it expected to remain profitable for the first 9 months of 2018.

The estimated losses were net of both anticipated recoveries from Lancashire's outwards reinsurance programme and the impact of outwards and inwards reinstatement premiums, Lancashire said. The loss estimated also included Lancashire's aggregate exposures through its Bermuda, UK and Lloyd's operations.

Story provided by