For the fourth quarter of 2011, gross premiums written were $623m, compared to $331m in the in the second quarter last year.

Property gross premiums written increased by 34.7% for the quarter compared to the same period in 2010 and decreased by 13.5% for the year ended 31 December 2011.

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The Group incurred total estimated net losses for the floods in Thailand of $25.1m, after reinsurance and reinstatement premium, within the range previously reported in our press release of 30 January 2012.

Lancashire Holdings group CEO Richard Brindle said 2011’s unprecedented major international catastrophe losses made the year one of the most costly ever for the insurance industry.

"These losses occurred against a very uncertain broader business backdrop, with European economic instability and slowing global output causing continuing volatility in the investment markets," Brindle said.

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