Credit Ratings

Lancashire Holdings Limited, Lancashire Insurance Company (UK) Limited and Lancashire Insurance Company Limited

A.M. Best Company ("AM Best") has assigned an A (Excellent) financial strength rating on Lancashire Insurance Company Limited and Lancashire Insurance Company (UK) Limited. AM Best has also assigned a "bbb" long term issuer rating on Lancashire Holdings Limited. The outlook on all entities is stable.

S&P Global Ratings ("S&P") has assigned an A minus financial strength rating on Lancashire Insurance Company Limited and Lancashire Insurance Company (UK) Limited. S&P has also assigned a "BBB" long term issuer rating on Lancashire Holdings Limited. The outlook on all entities is stable.

Moody’s Investor Service ("Moody’s") has assigned an "A3" financial strength rating to Lancashire Insurance Company Limited and Lancashire Insurance Company (UK) Limited. Moody’s has also assigned a "Baa2" long term issuer rating on Lancashire Holdings Limited. The outlook on all entities is stable.

Cathedral Syndicates 2010 and 3010

Lloyd's Ratings:

S&P Global Ratings: A+ (Strong)

A. M. Best: A (Excellent)

Fitch: AA- (Very Strong)

Syndicate Rating:

In addition A.M. Best Co. assigns a Best's Syndicate Rating of A (Excellent) to Syndicate 2010.

Licences:

Syndicates 2010 and 3010 have the full benefit of Lloyd's worldwide licences, further details of which can be found on the Lloyd's website.