Lancashire H1 profit jumps, Russia losses within risk tolerances

LONDON (Reuters) – Lloyd’s of London insurer Lancashire posted a first-half 44% jump in pre-tax profit to $78 million on Wednesday, helped by rising premium rates, and said losses in Russia from the Ukraine conflict were likely to be within its risk tolerance.

Losses in Ukraine amounted to around $22 million so far, at the lower end of Lancashire’s previous $20-30 million range, it said in a trading statement.

(Reporting by Carolyn Cohn, editing by Sinead Cruise)