6th Sep 2013 09:02
LONDON (Alliance News) - Lancashire Holdings Limited's shareholders Friday approved the proposed acquisition of Cathedral Capital Limited, a Lloyd's insurer, at a special general meeting.
"This is a rare opportunity to acquire a high-quality Lloyd's business with short-tail focus, strong business model fit and robust underwriting performance. The acquisition will create value for Lancashire's shareholders at a time of change in the market. It strengthens and diversifies
Lancashire's core underwriting business and we expect the Cathedral team will enhance Lancashire's competitive positioning," Chairman Martin Thomas said in a statement.
The GBP266 million acquisition was approved by 99% of the votes cast.
Lancashire Holdings shares were Friday quoted at 756 pence per share, up 18.50 pence, or 2.5%.
By Samuel Agini; [email protected]; @samuelagini
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