Loss estimate relating to California wildfires

Lancashire Holdings Limited (the "Company" or "Lancashire") today announces that it estimates its aggregate net ultimate losses relating to the wildfires in California, which occurred in January 2025, in the range of $145 million to $165 million. This estimate falls within the Company's modelled loss ranges for this type of catastrophe event.

This estimate is undiscounted, after anticipated recoveries from Lancashire's outwards reinsurance programme and the impact of outwards and inwards reinstatement premiums.

Alex Maloney, Group Chief Executive Officer, commented: "Our thoughts are with all those affected by the recent wildfires which wrought such devastation in California. Events like this show the value of (re)insurance products in both offering protection and in supporting people as they rebuild their lives.

Given our strong earnings performance and capital generation in 2024 Lancashire remains extremely well capitalised to achieve its strategic ambitions. In addition, the aggregate reinsurance cover the Company has in place to protect against the frequency of large catastrophe events should allow Lancashire to deliver an attractive return for shareholders in 2025.

We will provide a further update on our position regarding these losses, and further guidance for 2025, as part of the announcement of our results for the full year ended 31 December 2024 on 6 March 2025."

Lancashire's preliminary estimate has been derived from a combination of market data and assumptions, a limited number of provisional loss advices, limited client loss data and modelled loss projections.

As additional information emerges, the Company's actual ultimate loss may vary from the preliminary estimate announced.

See further the "Note Regarding Forward-Looking Statements" below.