Reuters: Hot Stocks: UPDATE 1-Smaller-than-expected shipwreck losses prop Lancashire shares

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UPDATE 1-Smaller-than-expected shipwreck losses prop Lancashire shares Jul 25th 2013, 09:24 Thu Jul 25, 2013 5:24am EDT * Lancashire estimates $96.9 mln in total losses from Costa Concordia shipwreck * Q2 pretax profit falls 4 percent to $58.3 million * Q2 net premiums written fall 19 percent * Shares rise 4 pct (Adds analyst comment, details; updates share movement) July 25 (Reuters) - British insurer Lancashire Holdings Ltd added $37.7 million to its losses from the 2012 Costa Concordia shipwreck off the Italian coast, but its shares rose 4 percent as analysts had expected a much higher bill. The property and casualty insurer now estimates $96.9 million in total losses from the shipwreck. "Certainly I thought it (the increase) was maybe closer to $60 or $70 million. And I think there were people in the market with even higher losses expectations," Shore Capital analyst Eamonn Flanagan told Reuters, reiterating his "buy" rating on the stock. Lancashire, which covers heavy-duty assets such as oil rigs, ships and aircraft, said in its second-quarter results it expected no improvement in its trading outlook. The company in May forecast a slight deterioration in trading conditions this year. Pretax profit fell 4 percent to $58.3 million in the second quarter ended June 30 as Lancashire wrote fewer premiums, particularly in its key marine, property and energy businesses. Net premiums written fell 19 percent to $189.1 million. Lancashire's shares were trading up 3.7 percent at 812 pence at 0912 GMT on Thursday on the London Stock Exchange. (Reporting by Richa Naidu in Bangalore; Editing by Saumyadeb Chakrabarty, Supriya Kurane) Link this Share this Digg this Email Reprints

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