Lancashire Holdings Ltd on Wednesday reported a growing half-year profit, citing the best rate environment for some of its business in over a decade.

Pretax profit in the first half to June 30 rose to $78.0 million from $54.1 million a year ago.

Gross premiums written surged to $938.1 million from $697.2 million as the Bermuda-headquartered insurer posted a 45% increase in its property and casualty reinsurance. It grew to $548.0 million from $377.0 million. Marine insurance rose 40% to $66.8 million from $47.7 million.

The firm declared an interim dividend of 5 US cents, unchanged from a year ago.

‘While broader macro-economic issues are impacting the outlook for the global economy, we believe that the strong rate environment for many of our products is the best we have seen for more than a decade and that it will continue through the second half of 2022 and into 2023. This includes risk-adjusted rate rises and attractive opportunities across lines impacted by the conflict in Ukraine,’ the company said.

Lancashire shares were 2.6% higher at 438.54 pence each in London on Wednesday morning.

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