Lancashire Holdings Limited ("Lancashire" or the "Company") announces the retirement from the board of William Spiegel and Robert Spass with effect from 1 January 2015. Both will have completed 9 years’ service from the date of their first election and will leave the board in keeping with good practice under the UK Corporate Governance Code as it relates to director independence and length of service.
Martin Thomas, Lancashire’s Chairman, said; “William and Bob have been valued members of our board since the Company’s formation in 2005. Their industry experience and keen strategic minds have played no small part in helping to establish Lancashire as a successful and respected leader within its field. Both have provided insightful leadership and service on the board and its committees. Lancashire has
reached a point in its development where, in the interests of formal independence, the baton has been passed from the founding generation to a new board and management team. Having welcomed Peter Clarke to our board in June of this year, we expect to be able to announce a further NED appointment shortly. As we bid William and Bob farewell, I am confident that we will sustain a board with the appropriate range and depth of knowledge and skills to provide support, challenge and strategic insights for the business.”
This announcement has been made in accordance with the Company’s obligations with Listing
Rule 9.6.11 of the Listing Rules of the UK Listing Authority.
For further information, please contact:
| Lancashire Holdings Limited Christopher Head |
+44 20 7264 4145 [email protected] |
| Jonny Creagh-Coen | +44 20 7264 4066 [email protected] |
Haggie Partners |
+44 20 7562 4444 |
| Peter Rigby | (Peter Rigby mobile +44 7803851426) |
About Lancashire
Lancashire, through its UK and Bermuda-based operating subsidiaries, is a global provider of specialty insurance and reinsurance products.
The Group companies carry the following ratings:
| Financial Strength Rating (1) |
Financial Strength Outlook(1) |
Long Term Issuer Rating (2) |
|
| A.M. Best | A (Excellent) | Stable | bbb |
| Standard & Poor’s | A- | Stable | BBB |
| Moody’s | A3 | Stable | Baa2 |
(1)Financial Strength Rating and Financial Strength Outlook apply to Lancashire Insurance Company Limited and Lancashire Insurance Company (UK) Limited.
(2) Long Term Issuer Rating applies to Lancashire Holdings Limited.
Cathedral benefits from Lloyd’s ratings: A.M. Best: A (Excellent); Standard & Poor’s: A+ (Strong); and Fitch: AA- (Very Strong).
Lancashire has capital in excess of $1.5 billion and its common shares trade on the premium segment of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its corporate headquarters and mailing address at 29th Floor, 20 Fenchurch Street, London EC3M 3BY, United Kingdom and its registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.
For more information on Lancashire and Lancashire’s subsidiary and Lloyd’s segment, Cathedral Capital Limited (“Cathedral”), visit the Company’s website at www.lancashiregroup.com
Lancashire Insurance Company Limited is regulated by the Bermuda Monetary Authority in Bermuda.
Lancashire Insurance Company (UK) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK.
Kinesis Capital Management Limited is regulated by the Bermuda Monetary Authority in Bermuda.
Cathedral Underwriting Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK.
NOTE REGARDING FORWARD-LOOKING STATEMENTS:
CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELED LOSS SCENARIOS) MADE IN THIS RELEASE OR OTHERWISE THAT ARE NOT BASED ON CURRENT OR HISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMITATION, STATEMENTS CONTAINING THE WORDS “BELIEVES”, “ANTICIPATES”, “PLANS”, “PROJECTS”, “FORECASTS”, “GUIDANCE”, “INTENDS”, “EXPECTS”, “ESTIMATES”, “PREDICTS”, “MAY”, “CAN”, “WILL”, “SEEKS”, “SHOULD”, OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY. ALL SUCH STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS INCLUDING, WITHOUT LIMITATION, THE GROUP’S FINANCIAL POSITION, RESULTS OF OPERATIONS, PROSPECTS, GROWTH, CAPITAL MANAGEMENT PLANS AND EFFICIENCIES, ABILITY TO CREATE VALUE, DIVIDEND POLICY, OPERATIONAL FLEXIBILITY, COMPOSITION OF MANAGEMENT, BUSINESS STRATEGY, PLANS AND OBJECTIVES OF MANAGEMENT FOR FUTURE OPERATIONS (INCLUDING DEVELOPMENT PLANS AND OBJECTIVES RELATING TO THE GROUP’S INSURANCE BUSINESS) ARE FORWARD LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS MAY INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE GROUP TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS.
THESE FACTORS