# Lancashire holds back capacity awaiting rate rises

Lancashire this morning reported its gross written premiums had decreased by 23.5% in the first quarter of 2009 compared to the same period in 2008 to $142.8m. The result was below a consensus set of analysts' expectations of$157.6m.

The insurance group said this was largely driven by Lancashire holding back a large amount of capacity in the direct property, retrocession and energy catastrophe classes in order to take better advantage of improving opportunities.