Lancashire moves tax base to UK

The Lloyd's of London insurer Lancashire is moving its tax base from Bermuda back to Britain after the Government promised to reform the taxation of overseas profits.

The firm, which insures aircraft and oil rigs, unveiled the move as it reported a forecast-beating 8 per cent rise in quarterly profits to $91m (£56m) thanks to its limited exposure to recent natural disasters.

Jonny Creagh-Coen, Lancashire's head of investor relations, said it meant the board could meet in London. "Every time we have to make a serious decision, it doesn't mean the CEO has to go offshore."