Lancashire sees $150 million hit from Gustav, Ike

Oct 13 (Reuters) - British insurer Lancashire Holdings Ltd (LRE.L: Quote, Profile, Research) said it estimates Hurricanes Gustav and Ike will have a combined net negative impact of about $150 million on its financial results.

Of the total, about $125 million relates to offshore losses, out of a total offshore industry loss of about $3 billion, it said.

Hurricane Gustav is expected to contribute less than $5 million to the total estimate, it said.

Lancashire estimated its annualised total investment return at a positive 1.2 percent for the nine months to September.

"Our investment strategy will remain very defensive for the foreseeable future," Chief Financial Officer and Chief Risk Officer Neil McConachie said in a statement. (Reporting by Srikanth Srinivasa in Bangalore; Editing by Mike Miller)