16th Dec 2005 16:33
Lancashire Holdings Limited16 December 2005 Lancashire Holdings Limited For publication in the United Kingdom and Bermuda only. Not for release,publication or distribution in the United States of America, Australia, Canada, South Africa, the Republic of Ireland or Japan Hamilton, Bermuda 16 December, 2005 A.M. BEST ANNOUNCES A- (EXCELLENT) RATING UNDERWRITING OPERATIONS COMMENCE Lancashire Holdings Limited (the "Company") is delighted to announce that today,A.M. Best Company, Inc. announced a Financial Strength Rating of A- (Excellent)for Lancashire Insurance Company Limited ("Lancashire"). With such rating, Lancashire is now able to commence underwriting business inBermuda with immediate effect. Lancashire intends to focus on non marineproperty catastrophe retrocession and marine and energy excess of lossreinsurance in particular for the forthcoming 1 January renewal season. In theinsurance classes, Lancashire will concentrate on the offshore and onshoreenergy, property direct and facultative, property terrorism, marine (hull, totalloss and war) and aviation terrorism classes.The Company's ticker is LRE. Contacts:Merrill LynchRupert Hume-Kendall +44 (0)207 628 1000Simon FraserMatthew Thomson Benfield AdvisoryTristan McDonald +44 (0)207 578 7000Ross Milburn KinmontGavin Kelly +44 (0)207 493 8488John O'Malley Financial DynamicsRobert Bailhache +44 (0)207 269 7200Dominick Peasley Merrill Lynch, JPMorgan Cazenove, Fox-Pitt, Kelton, Teather & Greenwood,Benfield Advisory and Kinmont, each of which is authorised and regulated in theUK by the Financial Services Authority, each acted for the Company and no-oneelse in connection with the placing of common shares (the "Placing") andAdmission and will not be responsible to anyone other than the Company forproviding the protections afforded to their respective clients or for providingadvice in relation to the Placing and Admission, this announcement or any othermatter. Merrill Lynch's responsibilities as the nominated adviser to the Companyare owed solely to the London Stock Exchange and are not owed to the Company orto any Director or to any other person, whether in respect of any decision toacquire common shares, in relation to any part of this announcement orotherwise. In connection with the Placing, no common shares of the Company were marketed toor were made available for purchase by the public in the United Kingdom, Bermudaor elsewhere. The release, publication or distribution of this announcement in certainjurisdictions may be restricted by law and therefore persons in suchjurisdictions into which this announcement is released, published or distributedshould inform themselves about and observe such restrictions. No offer, invitation or inducement to acquire common shares or other securitiesin the Company or any other company is being made by this announcement. This announcement is not an invitation nor is it intended to be an inducement toengage in investment activity for the purpose of Section 21 of the FinancialServices and Markets Act 2000 ("FSMA"). The Company's common shares were in anyevent placed only with (i) persons who have professional experience in mattersrelating to investments and who are investment professionals within the meaningof Article 19(5) of the Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005 of the United Kingdom (the "Financial Promotion Order") or(ii) persons who fall within Article 49(2)(a) to (d) ("high net worth companies,unincorporated associations etc.") of the Financial Promotion Order (all suchpersons together being referred to as "relevant persons"). Any investment orinvestment activity to which this announcement relates is available only torelevant persons in the United Kingdom and will be engaged in only with relevantpersons. Anyone other than a relevant person must not rely on this announcement. The contents of this announcement, which have been prepared by and are the soleresponsibility of Lancashire Holdings Limited, have been approved by MerrillLynch International of Merrill Lynch Financial Centre, 2 King Edward Street,London EC1A 1HQ, solely for the purposes of section 21(2)(b) of FSMA. THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION INTO THEUNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, THE REPUBLIC OF IRELAND ORJAPAN. NEITHER THIS ANNOUNCEMENT NOR ANY COPY OF IT MAY BE TAKEN OR DISTRIBUTEDOR PUBLISHED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA,SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN OR DISTRIBUTED TO U.S. PERSONS. THE MATERIAL SET FORTH HEREIN IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOTINTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER OF SECURITIES FOR SALE INTOTHE UNITED STATES OR ANY OTHER JURISDICTION. SECURITIES MAY NOT BE OFFERED ORSOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE U.S. SECURITIES ACT OF1933, AS AMENDED OR AN APPLICABLE EXEMPTION FROM REGISTRATION. THE SECURITIES OFTHE COMPANY DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE SO REGISTERED. THEREWILL BE NO PUBLIC OFFER OF SECURITIES IN THE UNITED STATES, AUSTRALIA, CANADA,OR JAPAN OR ANY OTHER JURISDICTION. Stabilisation / FSA This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lancashire Holdings