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Lancashire Holdings (LSE:LRE) reported a stable opening to 2026, posting gross premiums written of $668.4 million in the first quarter, while insurance revenue rose 2.1% year over year to $468.6 million. Growth in energy and marine lines, along with expansion in its U.S. operations, helped support performance.

The group also adjusted its underwriting strategy by scaling back property retrocession within its reinsurance segment. A relatively benign loss environment, combined with limited exposure to the Middle East, contributed to steady results. Lancashire generated a 0.3% return on investments and maintained strong capital levels and positioning within the Lloyd’s of London market, while continuing with leadership transitions and plans to consolidate its syndicates to improve operational flexibility.

Underwriting discipline offsets decline in premiums

Gross premiums fell 6.1% compared to the prior year, though the decline was just 1.2% on an underlying basis after excluding reinstatement premiums from the previous year. The Group Renewal Price Index came in at 93%, reflecting a softer pricing environment but also highlighting continued underwriting discipline.

Management pointed to the company’s broader product offering, expanding geographic footprint, and strong regulatory capital coverage as key strengths. The group reiterated its ambition to deliver returns in the high single digits to mid-teens, positioning itself to generate solid risk-adjusted returns despite ongoing geopolitical uncertainty and market volatility.

Valuation and outlook remain supportive

Lancashire’s outlook is underpinned by consistent financial performance, including post-loss recoveries, controlled leverage, and solid cash generation. The company also continues to trade at an attractive valuation, characterized by a relatively low price-to-earnings ratio and a high dividend yield.

From a technical perspective, indicators are mixed. While overall positioning remains moderately positive, neutral momentum and a slightly negative MACD suggest limited near-term upside.

More about Lancashire Holdings

Lancashire Holdings is a Bermuda-based global provider of specialty insurance and reinsurance products, with a focus on sectors such as energy, marine, and property. The company operates through both its own balance sheet and Lloyd’s syndicates, with shares listed on the London Stock Exchange under the ticker LRE. It is regulated by the Bermuda Monetary Authority.

Eco Atlantic Oil & Gas (LSE:ECO) has moved a step closer to completing its planned acquisition of JHI Associates after JHI secured an interim court order in Ontario, allowing the transaction to proceed to a shareholder vote. The move forms part of Eco Atlantic’s broader strategy to expand its presence across the Atlantic Margin, adding exposure to the Falkland Islands alongside its existing assets in Guyana, Namibia, and South Africa.

Shareholder vote set as support builds

JHI has scheduled its annual and special meeting for 12 May, where shareholders will vote on the proposed arrangement. Notably, investors representing roughly 60% of JHI’s shares have already committed their support through voting agreements.

Pending approval from shareholders and regulators — including the Falkland Islands Government and the TSX Venture Exchange — Eco Atlantic would acquire full ownership of JHI. This would give the company a 35% interest in the Falklands licence PL001, strengthening its collaboration with operator Navitas Petroleum and expanding its exploration portfolio.

More about Eco Atlantic Oil & Gas

Eco Atlantic Oil & Gas is an exploration company listed on both the TSX Venture Exchange and AIM, focused on offshore Atlantic Margin basins. The company targets low carbon intensity oil and gas opportunities in emerging regions near established infrastructure. Its current portfolio includes interests in Guyana’s Orinduik Block, three licences in Namibia’s Walvis Basin, and South Africa’s Orange Basin blocks 3B/4B and 1 CBK.

Airbus (EU:AIR) reported a significant decline in first-quarter earnings, as reduced commercial aircraft deliveries and currency pressures weighed on performance, while analysts highlighted execution and timing factors as central to the outlook.

Shares in the group were up 1.7% at 06:00 ET (10:00 GMT).

Airbus posted revenue of €12.7 billion for the quarter, down 7% year on year and slightly below the €12.87 billion consensus estimate. Adjusted EBIT dropped to €300 million from €624 million a year earlier, while reported earnings per share declined to €0.74 from €1.01.

The commercial aircraft division was the main driver of the downturn. Deliveries fell to 114 units compared with 136 in the same period last year, pushing adjusted EBIT in the segment down to €81 million from €494 million, also impacted by less favorable hedge rates.

Free cash flow before customer financing shifted to an outflow of €2.5 billion, versus an inflow of €310 million a year earlier, reflecting lower delivery volumes and a planned inventory build linked to production ramp-up.

The Defence and Space division provided some support, with revenue rising 7% to €2.8 billion and adjusted EBIT nearly doubling to €130 million.

Chief Executive Guillaume Faury said Airbus continues to increase production “as per our plan while navigating the shortage of Pratt & Whitney engines,” adding that the operating environment remains “dynamic and complex.”

Analysts at Barclays said the weak first-quarter performance was largely due to timing rather than a deterioration in demand.

They pointed to a mismatch between production and deliveries, mainly caused by administrative delays affecting around 20 aircraft intended for Chinese customers. These issues have now been resolved and are expected to support a catch-up in deliveries in the coming months.

“From here, the focus remains execution, with delivery acceleration key to restoring confidence,” the analysts said.

Barclays also noted that Airbus reaffirmed its full-year 2026 outlook, including approximately 870 aircraft deliveries, €7.5 billion in adjusted EBIT, and €4.5 billion in free cash flow—signalling confidence in a stronger second half despite a weak start to the year.

The broker added that the first quarter “served as a reminder of the execution hurdles” still facing the company, with supply chain constraints continuing, albeit at a reduced intensity.

While profitability in the commercial aircraft division came in slightly above Barclays’ cautious expectations, overall margins remain “very modest,” highlighting the need for improved delivery volumes over the remainder of the year.

MedPal AI (LSE:MPAL) has completed the purchase of the pharmacy operations and assets linked to Remedi Solutions’ Runcorn facility through its subsidiary MedPal Limited, in a deal worth £310,000. The acquisition adds a second NHS-registered dispensing hub to the group’s footprint. The Runcorn site previously handled around 1 million prescriptions per year, representing approximately £10 million in annual revenue, and will now operate from newly leased premises within a reorganised group structure under a new holding company, New Performance Health.

The transaction, classified as a related-party deal due to CEO Jason Drummond’s involvement in securing the original rights, strengthens MedPal’s position in specialist pharmacy services for care homes while significantly increasing its dispensing capacity. By replicating its patient reactivation model successfully deployed at its Swaffham hub, the company aims to scale volumes toward a monthly run rate of 80,000 items—seen as the level required to achieve EBITDA breakeven at the pharmacy level and support the wider economics of its digital health platform.

Jason Drummond, Chief Executive Officer of MedPal AI, commented:
“For a total spend of less than half a million pounds we have secured an NHS dispensing hub in a strategically critical location with a patient book that NHS-verified data shows historically delivered over £10 million of annualised turnover. We have already proven at Swaffham that our reactivation strategy works. We are now running that same programme, at materially greater scale, across the Remedi book. Our pharmacy operations are growing rapidly, currently dispensing 42,000 items a month and rising, with a mapped path to pharmacy-level breakeven at 80,000 items a threshold the acquired Runcorn site alone comfortably exceeded throughout 2024”

More about MedPal AI Plc

MedPal AI plc is a UK-based healthcare technology group operating an AI-enabled, vertically integrated platform known as MedPal Health OS. The platform combines wellness support, clinical services, and automated pharmacy fulfilment. Through MedPal Limited, the company runs round-the-clock NHS and private prescription hubs powered by AI and robotic dispensing, offering nationwide same-day or next-day delivery to both individual consumers and care home clients.

Oil prices pushed higher again on Wednesday, adding to a multi-session advance after reports suggested Washington is preparing to prolong its blockade of Iranian ports—heightening the risk of ongoing supply constraints from the Middle East.

According to The Wall Street Journal, Donald Trump has told aides to get ready for an extended blockade targeting Iran, citing U.S. officials.

The report said the plan is to tighten pressure on Iran’s economy and curb its oil exports by restricting maritime traffic linked to its ports.

Brent crude for June delivery rose 52 cents, or 0.47%, to $111.78 a barrel at 01:54 GMT, marking an eighth straight day of gains. The June contract expires Thursday, while the more actively traded July contract was up 0.4% at $104.84.

U.S. West Texas Intermediate crude for June climbed 57 cents, or 0.57%, to $100.50 a barrel, following a 3.7% jump in the previous session. Prices have now advanced in seven of the past eight sessions.

“The recent rise in oil prices has been driven by the Strait blockade. If Trump is prepared to extend the blockade, supply disruptions would worsen further and continue to push oil prices higher,” said Yang An, an analyst at Haitong Futures.

Although a ceasefire remains in place in the conflict involving the U.S., Israel and Iran, talks have yet to produce a lasting resolution. Iran continues to restrict traffic through the Strait of Hormuz—a channel for roughly 20% of global oil and liquefied natural gas shipments—while the U.S. maintains its blockade of Iranian ports.

Washington is pressing Iran to halt what it describes as a nuclear weapons program, while Tehran is seeking compensation for the recent conflict, relief from sanctions and greater influence over the Strait of Hormuz.

The continued disruption at Hormuz is also tightening global supply conditions. Market sources said the American Petroleum Institute reported another weekly decline in U.S. crude inventories.

Crude stockpiles fell by 1.79 million barrels in the week ending April 24, according to the sources. Gasoline inventories dropped by 8.47 million barrels, while distillate stocks declined by 2.60 million barrels.

Gold prices remained close to a one-month low on Wednesday, with demand for the metal subdued as uncertainty surrounding the Iran conflict continued to weigh on sentiment. Investors also stayed cautious ahead of the latest policy decision from the Federal Reserve.

The precious metal has come under pressure this week, as safe-haven flows have largely shifted toward the U.S. dollar. At the same time, rising oil prices—driven by expectations of a prolonged standoff between Washington and Tehran—have unsettled financial markets.

Spot gold slipped 0.1% to $4,593.04 per ounce as of 02:09 ET (06:09 GMT), while gold futures also declined 0.1% to $4,606.31 per ounce.

Performance across other precious metals was mixed, although recent losses continued to weigh. Spot silver gained 0.7% to $73.6135 per ounce, while platinum dropped 0.3% to $1,937.75 per ounce.

Trump Eyes Extended Iran Blockade – WSJ

Donald Trump has directed aides to prepare for a prolonged naval blockade targeting Iran, according to a report by The Wall Street Journal.

The approach is intended to tighten economic pressure on Tehran by restricting its oil export capabilities, with the aim of forcing progress toward a negotiated settlement.

Earlier reports indicated Trump was dissatisfied with an Iranian proposal that would have reopened the Strait of Hormuz while postponing discussions over nuclear activities.

An extended blockade could further escalate tensions, potentially prompting Iran to keep the Strait of Hormuz closed in the near term. Such a move would risk further disruption to global oil supply.

Concerns about oil-driven inflation have weighed on gold since late February. Markets fear that sustained price pressures could prompt central banks to maintain tighter monetary policy, raising the opportunity cost of holding non-yielding assets like gold and diminishing its appeal as a safe haven.

“For gold to regain stronger traction, markets may need to see either a pullback in oil prices or signs that geopolitical tensions are easing enough to revive dovish Fed pricing,” analysts at OCBC Bank said in a note.

Fed Meeting in Spotlight for Policy Direction

Attention is now firmly on the outcome of the Fed’s two-day meeting later on Wednesday, with policymakers widely expected to leave interest rates unchanged.

The decision comes as expectations build that the Fed may keep rates steady through the remainder of 2026, particularly in light of inflationary pressures tied to the Iran conflict.

Beyond the Fed, investors are also watching upcoming rate decisions from the European Central Bank and the Bank of England later this week, which could offer further insight into the global monetary policy outlook.