Lancashire said the decline was closer to 1 per cent after excluding unusually high reinstatement premiums collected during the first half of 2025. The undiscounted combined ratio fell to 90.8 per cent, from 97.8 per cent. Lancashire Group chief executive Alex Maloney says market conditions are “softening” but not soft (File photograph)Lancashire’s renewal price index stood at 92 per cent. The company reduced its property retrocession business as pricing became less attractive, while expanding its energy, marine and aviation treaty portfolios. Investment returns declined to $51.3 million, from $108.2 million, largely because of a $29.6 million unrealised loss caused by rising government bond yields.