### Clue: Ring in year hugging umpteen lasses, initially (7)
### Answer: ANNULUS 
 ### Explanation: Definition: Ring
 ANNUS(year, as in "annus mirabilis" and its reverse "annus horribilis", famously said by QEII of 1992) **containing**(hugging) **1st letters, respectively, of**(…, initially) "umpteen lasses".