Core Insights - S&P Global Ratings has upgraded Lancashire Holdings Limited's long-term issuer credit and financial strength ratings for its core re/insurance subsidiaries to 'A' from 'A-' [1] - The long-term issuer credit rating for Lancashire Holdings has been raised to 'BBB+' from 'BBB', with a stable outlook, reflecting the company's strengthened competitive position through broader product offerings and premium growth [2] Financial Performance - Lancashire Holdings has significantly expanded its gross premiums written (GPW), reaching $2.15 billion in 2024, with a year-on-year GPW growth of 7.4% to $1.8 billion for the first nine months of 2025 [4] - Insurance revenue for the first nine months of 2025 increased by 7.8% to $1.4 billion [4] Future Outlook - S&P expects Lancashire's GPW to reach approximately $2.3 billion by 2027, supported by continued growth opportunities, albeit at a more measured pace due to anticipated rate pressure in short-tail reinsurance lines [5] - The company's larger business profile enhances its capacity to absorb losses and diversifies its underwriting portfolio, particularly as it expands into casualty reinsurance and U.S. excess and surplus lines [5]