# Lancashire Holdings (LRE.LSE)

Canonical: https://gigainvestors.com/s/LRE.LSE

Analysis as of: 2026-10-16T07:40:25.769Z. Financial observations: FY2015–FY2025.

Listing currency: GBX. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 681.00 per share; close as of 2026-10-15.

Estimated value: low GBX 273.46 per share, central GBX 300.80 per share, high GBX 334.22 per share. Buy at or below the central value GBX 300.80 per share. Valuation as of 2026-10-16T07:40:25.769Z; scenarios are not confidence intervals.

Expected annual return: 4.4% at the stated quote. About 4.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- positive earnings in fewer than 8 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 7

- Required profitable years: 8

- Return on common equity variation (informational): 1.30×

Chart: Net income; fiscal year observations.

- FY2016: $154M

- FY2017: -$71M

- FY2018: $38M

- FY2019: $118M

- FY2020: $4.2M

- FY2021: -$62M

- FY2022: -$3.3M

- FY2023: $322M

- FY2024: $321M

- FY2025: $300M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 6.7%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: -4.4%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 12.7%

- FY2017: -6.4%

- FY2018: 3.5%

- FY2019: 9.9%

- FY2020: 0.3%

- FY2021: -4.4%

- FY2022: -0.2%

- FY2023: 21.3%

- FY2024: 21.5%

- FY2025: 19.8%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.6%

- Book return interval: 10 years

- Starting book value per share: $6.06

- Ending book value per share: $5.99

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 13.7%

- FY2017: 5.9%

- FY2018: -8.0%

- FY2019: 12.9%

- FY2020: 9.7%

- FY2021: -5.0%

- FY2022: -3.5%

- FY2023: 25.7%

- FY2024: 20.9%

- FY2025: 19.0%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 2.3%

- Diluted shares, 5-year annual growth: 0.5%

- Share growth excluding flagged crisis recapitalisations: 2.3%

- Five-year share growth excluding flagged crisis recapitalisations: 0.5%

- Flagged crisis recapitalisations: 0

- Book value created per share: -$0.07

- Earnings retained per share after dividends and buybacks: -$0.76

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.6% a year forever · net income -6.8%

Story as of 2026-10-16T10:00:11.465Z; price observation 2026-10-15.

The price assumes profits grow 5.6% a year forever

### Net income · FY2025

net income -6.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $154M 

- FY2017: -$71M 

- FY2018: $38M 

- FY2019: $118M 

- FY2020: $4.2M 

- FY2021: -$62M 

- FY2022: -$3.3M 

- FY2023: $322M 

- FY2024: $321M 

- FY2025: $300M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance specialty; annual sales are USD 1.9 billion.

- Source: https://eodhd.com/api/fundamentals/LRE.LSE.json#2025-12-31 (filed 2026-10-16T07:40:25.769Z); FY2025: revenue 1883400000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LRE.LSE: Lancashire Holdings Limited, together with its subsidiaries, provides specialty insurance and reinsurance products in London, Bermuda, and Australia. The company operates in two segments, Reinsurance and Insurance. It offers property direct and facultative, property political risk and sovereign risk, and property terrorism and political violence insurance products, as well as property reinsurance services. The company also provides energy insurance products covering upstream, downstream and onshore operational, and upstream construction all risks business; marine hull, total loss only, mortgagees interests insurance, mortgagees additional perils, excess protection and indemnity, marine war, and builder's risks; and aviation AV52, aviation consortium, airline hull and liability, and satellite insurance products. In addition, it offers general insurance, support, insurance agent, and insurance mediation services. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.

### Why customers stay

It earns 6.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:25.769Z); 10-year return on tangible equity observations [[2016,0.12739170048869378],[2017,-0.06423344475562381],[2018,0.035138680659670164],[2019,0.09877680965147453],[2020,0.0027299317517062074],[2021,-0.044041634213693975],[2022,-0.0024885001131136415],[2023,0.21321042509450228],[2024,0.21516105270206926],[2025,0.19840093567980555]]; median 0.06695774515557235. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:25.769Z); Dividend observations: [[2016,181800000],[2017,33800000],[2018,72800000],[2019,31500000],[2020,33100000],[2021,37400000],[2022,37000000],[2023,155800000],[2024,356300000],[2025,302720660]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LRE.LSE SharesStats.PercentInsiders = 1.124 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:25.769Z); Price 681; FX 75.34943299551671; original perpetual distributable cash 0.3992084603312397; discount 0.1; growth 0.05582946970194989. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 697.00 per share

- 2016-11: GBX 645.00 per share

- 2016-12: GBX 694.00 per share

- 2017-01: GBX 677.00 per share

- 2017-02: GBX 694.00 per share

- 2017-03: GBX 672.50 per share

- 2017-04: GBX 682.50 per share

- 2017-05: GBX 695.50 per share

- 2017-06: GBX 696.50 per share

- 2017-07: GBX 727.00 per share

- 2017-08: GBX 687.50 per share

- 2017-09: GBX 667.50 per share

- 2017-10: GBX 751.50 per share

- 2017-11: GBX 692.00 per share

- 2017-12: GBX 682.00 per share

- 2018-01: GBX 658.00 per share

- 2018-02: GBX 560.00 per share

- 2018-03: GBX 580.00 per share

- 2018-04: GBX 596.00 per share

- 2018-05: GBX 599.50 per share

- 2018-06: GBX 567.00 per share

- 2018-07: GBX 573.00 per share

- 2018-08: GBX 607.50 per share

- 2018-09: GBX 608.00 per share

- 2018-10: GBX 591.50 per share

- 2018-11: GBX 640.00 per share

- 2018-12: GBX 605.00 per share

- 2019-01: GBX 564.00 per share

- 2019-02: GBX 662.50 per share

- 2019-03: GBX 653.50 per share

- 2019-04: GBX 687.50 per share

- 2019-05: GBX 703.50 per share

- 2019-06: GBX 688.50 per share

- 2019-07: GBX 693.50 per share

- 2019-08: GBX 681.00 per share

- 2019-09: GBX 739.50 per share

- 2019-10: GBX 711.50 per share

- 2019-11: GBX 742.50 per share

- 2019-12: GBX 767.00 per share

- 2020-01: GBX 748.00 per share

- 2020-02: GBX 724.50 per share

- 2020-03: GBX 620.50 per share

- 2020-04: GBX 612.00 per share

- 2020-05: GBX 679.50 per share

- 2020-06: GBX 809.00 per share

- 2020-07: GBX 774.50 per share

- 2020-08: GBX 768.00 per share

- 2020-09: GBX 692.00 per share

- 2020-10: GBX 636.50 per share

- 2020-11: GBX 743.00 per share

- 2020-12: GBX 723.50 per share

- 2021-01: GBX 681.50 per share

- 2021-02: GBX 615.00 per share

- 2021-03: GBX 644.00 per share

- 2021-04: GBX 711.00 per share

- 2021-05: GBX 630.00 per share

- 2021-06: GBX 612.50 per share

- 2021-07: GBX 638.50 per share

- 2021-08: GBX 625.00 per share

- 2021-09: GBX 563.00 per share

- 2021-10: GBX 506.00 per share

- 2021-11: GBX 507.50 per share

- 2021-12: GBX 530.00 per share

- 2022-01: GBX 547.00 per share

- 2022-02: GBX 471.80 per share

- 2022-03: GBX 432.00 per share

- 2022-04: GBX 424.20 per share

- 2022-05: GBX 396.40 per share

- 2022-06: GBX 403.20 per share

- 2022-07: GBX 445.20 per share

- 2022-08: GBX 493.60 per share

- 2022-09: GBX 497.00 per share

- 2022-10: GBX 495.20 per share

- 2022-11: GBX 593.50 per share

- 2022-12: GBX 650.00 per share

- 2023-01: GBX 625.00 per share

- 2023-02: GBX 613.00 per share

- 2023-03: GBX 552.50 per share

- 2023-04: GBX 612.50 per share

- 2023-05: GBX 619.50 per share

- 2023-06: GBX 578.00 per share

- 2023-07: GBX 597.00 per share

- 2023-08: GBX 572.50 per share

- 2023-09: GBX 590.00 per share

- 2023-10: GBX 568.00 per share

- 2023-11: GBX 624.50 per share

- 2023-12: GBX 624.00 per share

- 2024-01: GBX 607.00 per share

- 2024-02: GBX 651.00 per share

- 2024-03: GBX 619.00 per share

- 2024-04: GBX 610.00 per share

- 2024-05: GBX 633.00 per share

- 2024-06: GBX 614.00 per share

- 2024-07: GBX 634.00 per share

- 2024-08: GBX 672.00 per share

- 2024-09: GBX 687.00 per share

- 2024-10: GBX 631.00 per share

- 2024-11: GBX 635.00 per share

- 2024-12: GBX 659.00 per share

- 2025-01: GBX 649.00 per share

- 2025-02: GBX 618.00 per share

- 2025-03: GBX 578.00 per share

- 2025-04: GBX 563.00 per share

- 2025-05: GBX 605.00 per share

- 2025-06: GBX 575.00 per share

- 2025-07: GBX 626.00 per share

- 2025-08: GBX 611.00 per share

- 2025-09: GBX 675.00 per share

- 2025-10: GBX 668.00 per share

- 2025-11: GBX 585.00 per share

- 2025-12: GBX 641.00 per share

- 2026-01: GBX 616.00 per share

- 2026-02: GBX 670.00 per share

- 2026-03: GBX 584.00 per share

- 2026-04: GBX 574.00 per share

- 2026-05: GBX 604.50 per share

- 2026-06: GBX 645.50 per share

- 2026-07: GBX 602.50 per share

- 2026-08: GBX 616.00 per share

- 2026-09: GBX 642.50 per share

- 2026-10: GBX 681.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 586.16 per share, central GBX 644.78 per share, high GBX 716.42 per share

- FY2017: low GBX 622.58 per share, central GBX 684.84 per share, high GBX 760.93 per share

- FY2018: low GBX 533.17 per share, central GBX 586.49 per share, high GBX 651.65 per share

- FY2019: low GBX 573.20 per share, central GBX 630.52 per share, high GBX 700.57 per share

- FY2020: low GBX 579.03 per share, central GBX 636.93 per share, high GBX 707.70 per share

- FY2021: low GBX 491.11 per share, central GBX 540.22 per share, high GBX 600.25 per share

- FY2022: low GBX 250.22 per share, central GBX 275.24 per share, high GBX 305.83 per share

- FY2023: low GBX 288.30 per share, central GBX 317.12 per share, high GBX 352.36 per share

- FY2024: low GBX 277.57 per share, central GBX 305.33 per share, high GBX 339.26 per share

- FY2025: low GBX 263.88 per share, central GBX 290.27 per share, high GBX 322.52 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:46:15.689Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations