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S&P revises outlook on Lancashire, core operating subsidiaries

S&P Global Ratings on Feb. 28 affirmed Lancashire Holdings Ltd.'s BBB long-term issuer credit rating and revised the outlook on the rating to stable from positive.

At the same time, the rating agency affirmed the A- long-term issuer and financial strength ratings of the company's core operating subsidiaries Lancashire Insurance Co. (UK) Ltd. and Bermuda-based Lancashire Insurance Co. Ltd. and revised the outlooks on the ratings to stable from positive.

The outlook revision was driven by the significant underwriting losses that the group incurred in 2017 due to Hurricanes Harvey, Irma and Maria, the earthquakes in Mexico and U.S. wildfires.

The stable outlook reflects the agency's expectation that the group will maintain "extremely strong capitalization" supported by strong underwriting results, provided that no massive catastrophe would happen. S&P also expects the company's enterprise risk management to remain strong and maintain potential losses within its risk limits.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.