In the week to 21 February the FTSE All Share rose 0.1% vs. +1.2% for the Insurance Index and +0.8% for the Lloyd’s Index. The best performer was Novae (+4.6%); Helios (-1.7%) and Hiscox (-0.1%) were the worst performers. We review Lancashire’s combined ratio from 2007-2016. The average combined ratio (all expenses) is impressive at 67.0% (2010-16: 69.5%), thanks to the lower than average claims ratio. This reflects the group’s focused portfolio and the lack of major cat los
