Lancashire profits down 36 percent for 2011

Lancashire has announced a net income of $212.2 million for 2011, down 35.8 percent from their 2010 result of £330.8 million.

The company’s gross written premiums also feel from $689.1 million in 2010, to $632.3 million in 2011.

“As the spate of international property catastrophe losses continued, our underwriting performance held up well, producing a combined ratio for the quarter and the year of 73.1 percent and 63.7 percent, respectively,” says Elaine Whelan, group chief financial officer at Lancashire.