Lancashire Insurance Company Limited (Tr), UN: A Specialty (Re)insurer with a Global Reach
If you are looking for a reliable and reputable provider of specialty insurance and reinsurance products, you might want to consider Lancashire Insurance Company Limited (Tr), UN.
This company is part of the Lancashire Insurance Group, which operates in Bermuda and London across three delivery platforms: rated company, Lloyd’s and collateralised security. In this post, we will give you an overview of what this company does, what services it offers, how you can contact them, and why you should choose them.
What is Lancashire Insurance Company Limited (Tr), UN and what does it do?
Lancashire Insurance Company Limited (Tr), UN is a company that focuses on short-tail, specialty (re)insurance risks within four general segments: Property, Energy, Marine and Aviation. Additionally, the company writes a diversified book of business, mostly on a direct basis, in the property, energy, marine and aviation classes.
Furthermore, the company alsohas the ability to respond nimbly in post-loss situations and to offer significant capacity across the cycle. The company is based in London, UK, and is registered in England and Wales with the number 057478773.
What are the company details?
Lancashire Insurance Company Limited (Tr), UN was founded in 2006 as a subsidiary of Lancashire Holdings Limited, a Bermuda-based holding company that was established in 2005.
The company is led by a board of directors and a management team that have extensive experience and expertise in the (re)insurance industry. The company’s chairman and non-executive director is Steve Smart, and its chief executive officer is John Cadman.
The company’s market share is not publicly disclosed, but it is part of the Lancashire Insurance Group, which reported a gross written premium of $1.1 billion and a net income of $136.4 million for the year ended 31 December 2020.
What are the partnerships and affiliates?
Lancashire Insurance Company Limited (Tr), UN is affiliated with other companies within the Lancashire Insurance Group, such as Lancashire Insurance Company Limited, based in Bermuda, and Lancashire Syndicates Limited, which operates within Lloyd’s of London.
The company also has partnerships with various brokers, agents, and intermediaries that distribute its products and services to clients around the world. The company does not disclose any specific information about its sponsorships and collaborations, but it is likely that it supports various causes and initiatives that align with its values and vision.
What services does it offer?
Lancashire Insurance Company Limited (Tr), UN offers a range of specialty insurance and reinsurance products that cover various risks and exposures in the property, energy, marine and aviation segments. Some of the types of insurance that the company offers are:
Property: The company provides coverage for property damage and business interruption caused by natural catastrophes, terrorism, political violence, war, and other perils.
Energy: The company covers upstream and downstream energy risks, such as offshore and onshore exploration and production, refining and petrochemicals, power generation, and renewable energy.
Marine: The company insures marine hull and machinery, cargo, liability, and war risks, as well as marine builders’ risks and specie.
Aviation: The company covers aviation hull and liability, aviation war, and space risks, as well as aviation products liability and airport liability.
The company does not offer any special packages, but it tailors its products and services to the specific needs and preferences of its clients. The company has a global reach and can provide coverage for risks and exposures in various regions and markets, depending on the availability and suitability of reinsurance protection.
The company’s policies are subject to the terms and conditions of the contracts and the applicable laws and regulations of the jurisdictions where the risks are located.
How can you contact them?
If you are interested in contacting Lancashire Insurance Company Limited (Tr), UN, you can use the following basic information:
| Category | Information |
|---|---|
| Phone | +44 (0) 20 7264 4000 |
| Address | Level 29, 20 Fenchurch Street, London EC3M 3BY, UK |
| Customer Service Contact | info@lancashiregroup.com |
| Email Address | info@lancashiregroup.com |
| Operating Hours | Monday to Friday, 9:00 am to 5:00 pm (GMT) |
| Fax | +44 (0) 20 7264 4444 |
You can also visit the company’s website here for more information and details.
What are their financial details?
Lancashire Insurance Company Limited (Tr), UN does not disclose its financial details separately, but it is part of the Lancashire Insurance Group, which publishes its financial statements and reports on its website.
Some of the financial highlights of the group for the year ended 31 December 2020 are:
- Gross written premium: $1.1 billion
- Net income: $136.4 million
- Combined ratio: 86.9%
- Return on equity: 11.7%
- Total assets: $2.8 billion
- Total equity: $1.2 billion
The company’s premium costs, payment options, discount and promotional offers may vary depending on the type and level of coverage, the risk profile, the market conditions, and the negotiation with the clients and brokers. The company aims to provide competitive and fair pricing for its products and services, and to reward its loyal and profitable clients with incentives and benefits.
Why choose them, what’s so unique about them?
There are many reasons why you should choose Lancashire Insurance Company Limited (Tr), UN as your specialty (re)insurance provider. Some of the unique features and advantages of the company are:
The company has a strong and stable financial position, with substantial capital headroom, above both regulatory and rating agency requirements. The company has an A (Excellent) rating from A.M. Best and an A- (Strong) rating from Standard & Poor’s.
The company has a diversified and balanced portfolio of risks, with a focus on short-tail, specialty lines that have low correlation and high volatility. The company has a proven track record of delivering profitable underwriting results and superior risk-adjusted returns.
Furthermore, the company has a nimble and flexible operating model, with the ability to respond quickly and effectively to new opportunities and changing market conditions.
The company has a flat and efficient organisational structure, with a daily underwriting call and a fortnightly risk and return committee that ensure that the company is continually attuned to the underwriting environment.
Moreover, the company has a client-centric and service-oriented approach, with a commitment to providing high-quality products and services that meet the specific needs and expectations of its clients. The company has a strong and long-standing relationship with its clients and brokers, based on trust, transparency, and mutual respect.
What are the customer experiences?
Lancashire Insurance Company Limited (Tr), UN does not publish any customer reviews and ratings, testimonials, or complaints on its website or on any other public platform.
However, based on the company’s reputation and performance, we can assume that the company has a high level of customer satisfaction and loyalty, and that the company handles any issues or concerns with professionalism and integrity. The company strives to deliver excellent customer service and to resolve any claims or disputes in a timely and fair manner.
What are the financial strengths?
Lancashire Insurance Company Limited (Tr), UN has a strong and stable financial position, as evidenced by its financial results and ratings. The company has a robust capital base, a conservative investment portfolio, a prudent reserving policy, and a comprehensive reinsurance programme.
The company has the financial capacity and flexibility to withstand severe losses and to take advantage of attractive opportunities in the market. The company’s financial strengths enable it to fulfil its obligations to its clients, shareholders, and regulators, and to enhance its competitive edge and market position.
How does their claim process work?
Lancashire Insurance Company Limited (Tr), UN has a simple and efficient claim process, which involves the following steps:
The client or broker notifies the company of a loss or event that may give rise to a claim, as soon as possible and in accordance with the policy terms and conditions.
The company acknowledges the notification and assigns a claim handler or a team of claim experts to handle the claim.
The company investigates the claim and assesses the extent and validity of the loss or damage, in collaboration with the client, broker, and any other relevant parties, such as adjusters, surveyors, lawyers, or experts.
Additionally, the company determines the amount and coverage of the claim, based on the policy terms and conditions, the evidence and documentation provided, and the applicable laws and regulations.
The company communicates the claim decision and the payment details to the client or broker, and settles the claim in a prompt and fair manner.
How to file a claim
To file a claim with Lancashire Insurance Company Limited (Tr), UN, the client or broker should contact the company as soon as possible and provide the following information:
- The policy number and the name of the insured
- The date and time of the loss or event
- The location and cause of the loss or event
- The nature and extent of the loss or damage
- The contact details of the client, broker, and any other parties involved or affected by the loss or event
- Any supporting documents or evidence, such as photos, invoices, receipts, reports, or statements
The client or broker can contact the company by phone, email, fax, or mail, using the basic information provided above. Alternatively, the client or broker can use the online claim notification form available on the company’s website.
The company will respond to the claim notification within 24 hours and provide further instructions and guidance on the claim process.
What are their legal and compliance information?
Lancashire Insurance Company Limited (Tr), UN is subject to the legal and regulatory framework of the United Kingdom, as well as the jurisdictions where it operates and where its risks are located.
Furthermore, the company complies with all the relevant laws and regulations, such as the Financial Services and Markets Act 2000, the Insurance Act 2015, the Data Protection Act 2018, the Bribery Act 2010, the Sanctions and Anti-Money Laundering Act 2018, and the Modern Slavery Act 2015.
Additionally, the company also adheres to the standards and codes of conduct of the industry associations and bodies that it is a member of, such as the Association of British Insurers, the International Underwriting Association, and the Lloyd’s Market Association. The company maintains a high level of ethical and professional conduct, and expects the same from its clients, brokers, and business partners.
What are their renewals and cancelations policy?
Policy renewal
Lancashire Insurance Company Limited (Tr), UN has a policy renewal process that is based on the mutual agreement and satisfaction of the company and the client.
The company reviews the policy terms and conditions, the risk profile, the claims history, and the market conditions, and proposes a renewal offer to the client or broker.
The client or broker can accept, reject, or negotiate the renewal offer, depending on their needs and preferences. The company aims to provide continuity and stability to its clients, and to retain and grow its profitable and loyal business.
Policy Cancelation
The company also has a cancelation policy that allows the company or the client to cancel the policy before its expiry date, subject to the policy terms and conditions and the applicable laws and regulations. Furthermore, the company or the client must give a written notice of cancelation to the other party, stating the reason and the effective date of cancelation.
The company or the client may be entitled to a refund or a payment of the premium, depending on the circumstances and the provisions of the policy. Additionally, the company or the client may also be liable for any fees or penalties associated with the cancelation, such as administration fees, cancelation fees, or short-rate charges.
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