# Lancashire Holdings sees GWP fall in the first quarter

The group also saw its combined operating ratio rise to 85.6% from 72.7% in Q1 2016. Gross premiums written dropped to $196.5m from$230.8m. Profit before tax rose however by 8% from $26.5m to$28.7m. Alex Maloney, group CEO, said: “In what continues to be a difficult market we have had a good first quarter delivering a Return on Equity of 2.7%. Lancashire has always placed underwriting discipline at the core of its strategy. “At the 2017 January renewal season we were able to both renew and s