LONDON-listed insurer Lancashire Holdings has reported steady pretax profit at $321.2m for 2024, despite major losses, including exposure to the Baltimore bridge collapse doubling to $214m.

The firm described last March’s Dali (IMO: 9697428) casualty as its most significant large risk event, including payouts to date ranking alongside large risk events, including hurricanes that generated net losses amounting to $91.4m.

Lancashire had previously estimated its losses from this year’s California wildfires at between $145m and $165m.

No mention was made of losses arising from the ongoing aviation court cases relating to the Russia-Ukraine conflict.

Gross written premiums increased by 11% to reach $2.1bn, supported by investment returns of 5%.

Even so, the Bermuda-based specialty outfit’s full-year combined ratio climbed 6.5 points to 89.1%, although it still managed to clock up an overall underwriting profit.

Chief executive Alex Maloney described the numbers as “outstanding”, give the claims climate for the insurance industry as a whole.

Estimates from Lloyd’s of London last year put total Baltimore bridge exposure at around $645m, although most of the cover is placed in the US.

Ultimately, the bill will be determined by the outcome of limitation action filed by Dali’s owner Grace Ocean, and manager Synergy Marine, seeking to cap liability at $44m.

A ruling from the Maryland courts is expected next year. But either way, an appeal is widely expected.

Some US insurance lawyers think the matter is headed to the Supreme Court, which might not reach a decision until the 2030s.