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LANCASHIRE HOLDINGS LIMITED 29 April 2021 Hamilton , Bermuda Lancashire Holdings Limited ( “ Lancashire ” or “ the Group " ) today announces its trading statement for the three months ended 31 March 2021 . Trading statement highlights • • • • Gross premiums written increased by 46.1 % year on year to $ 354.8 million , with a renewal price index of 112 % . Estimated Winter Storm Uri claims between $ 35 million and $ 45 million , including the impact of reinsurance and reinstatement premiums . Continued build out of new classes of business ( casualty reinsurance , specialty reinsurance and accident and health ) and underwriting teams . Successful $ 450.0 million debt issuance qualifying as Tier 2 Ancillary Capital . Regulatory ECR ratio of approximately 220 % as at 31 December 2020 ( proforma of approximately 285 % including new debt issuance ) . Alex Maloney , Group Chief Executive Officer , commented : “ I am very pleased to report that the Lancashire Group has grown its Q1 gross premium written significantly by 46.1 % to $ 354.8 million ( in Q1 2021 ) from $ 242.8 million ( in Q1 2020 ) . This increase in our top line premium income represents our strongest ever first quarter premium and has been supported by the equity capital which we raised in June 2020. Our growth was driven by the improved market conditions . We have increased revenue across many of our core lines as well as achieving faster than expected momentum in some of our newer business lines . Absent the estimated impact of Winter Storm Uri , our underlying financial performance was strong . We look forward to the exciting opportunities that are expected to develop throughout the year as we are able to more flexibly combine the benefits of remote interaction with a return to the office environment . This will provide the opportunity for greater engagement amongst ourselves , our clients and our broader stakeholders . Furthermore , our strong balance sheet , boosted by our recent debt raise , stands us in good stead to fund the opportunities we see ahead . " Business update Gross premiums written 31 March Three months ended 31 March Change Change RPI 2021 2020 $ m $ m Sm % % Property and casualty reinsurance 223.0 113.1 109.9 97.2 111 Property and casualty insurance 39.2 39.3 ( 0.1 ) ( 0.3 ) 106 Energy 45.2 35.6 9.6 27.0 115 Marine 21.8 25.0 ( 3.2 ) ( 12.8 ) 112 Aviation 25.6 29.8 ( 4.2 ) ( 14.1 ) 116 Total 354.8 242.8 112.0 46.1 112