Lancashire reports its 1H'26 results on July 29. Overall, we are 4% below company-compiled consensus net income, driven by a c.6% lower insurance service result and 22% lower net investment result. Within the insurance service result we are 6% below consensus on insurance revenue and 60bps worse than consensus on Undiscounted COR at 86.4%. Within our COR, we estimate c.$55mn of large losses which is in line with the historical large losses in 1H (excluding California wildfire). Further we estimate a 2pp wor ...