1st Nov 2011 07:00
LANCASHIRE HOLDINGS LIMITED 01 November 2011Hamilton, Bermuda Lancashire Insurance Company Limited appoints Simon Fascione as Chief Underwriting Officer
Lancashire Holdings Limited ("Lancashire" or "the Company") today announced theappointment of Simon Fascione as Chief Underwriting Officer of the Company'sBermuda operation, Lancashire Insurance Company Limited ("LICL"). Simon hasplayed an instrumental role in the development of LICL's reinsurance business,and more recently in the launch of Accordion Reinsurance Limited, Lancashiregroup's fully collateralised sidecar quota-share reinsurance arrangement. Simon joined Lancashire in October 2006 and is a key member of the seniorunderwriting team, with responsibilities across the whole arena of the propertyaccount, with an emphasis on catastrophe exposures within LICL's reinsurancebusiness. Simon has also been appointed to the board of LICL, effective 28October, 2011.
Commenting on the appointment, Lancashire Group Chief Underwriting Officer, Alex Maloney said "Simon has worked tirelessly in the building of our reinsurance business since joining the company five years ago. His excellent analytical underwriting skills and his contribution to the formation of Accordion are recognised in this appointment".
For further information, please contact:
Lancashire Holdings Limited +44 (0)20 7264 4145 Christopher Head [email protected] Jonny Creagh-Coen +44 (0)20 7264 4066 [email protected] Haggie Financial +44 (0)20 7417 8989 Peter Rigby (Peter Rigby mobile 07803851426) About LancashireLancashire, through its UK and Bermuda-based insurance subsidiaries, is aglobal provider of specialty insurance products. The Group companies carry thefollowing ratings: Financial Long Term Issuer Outlook Strength Rating (2) Rating (1) A.M. Best A bbb Stable Standard & Poor's A- BBB Stable Moody's A3 Baa2 Stable
(1)Financial Strength Rating applies to Lancashire Insurance Company Limited and Lancashire Insurance Company (UK) Limited
(2) Long Term Issuer Rating applies to Lancashire Holdings Limited
Lancashire has capital in excess of $1 billion and its Common Shares trade onthe main market of the London Stock Exchange under the ticker symbol LRE.Lancashire has its corporate headquarters at Power House, 7 Par-la-Ville Road,Hamilton HM 11, Bermuda. The mailing address is Lancashire Holdings Limited,P.O. Box HM 2358, Hamilton HM HX, Bermuda. For more information on Lancashire,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 regulated by the Financial Services Authority in the UK.
Lancashire Marketing Services (Middle East) Limited is authorised and regulated by the Dubai Financial Services Authority.
NOTE REGARDING FORWARD-LOOKING STATEMENTS:
CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELED LOSSSCENARIOS) MADE IN THIS RELEASE OR OTHERWISE THAT ARE NOT BASED ON CURRENT ORHISTORICAL 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 ORCOMPARABLE TERMINOLOGY. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICALFACTS INCLUDING, WITHOUT LIMITATION, THOSE REGARDING THE GROUP'S FINANCIALPOSITION, RESULTS OF OPERATIONS, LIQUIDITY, PROSPECTS, GROWTH, CAPITALMANAGEMENT PLANS, BUSINESS STRATEGY, PLANS AND OBJECTIVES OF MANAGEMENT FORFUTURE OPERATIONS (INCLUDING DEVELOPMENT PLANS AND OBJECTIVES RELATING TO THEGROUP'S INSURANCE BUSINESS) ARE FORWARD-LOOKING STATEMENTS. SUCHFORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES ANDOTHER IMPORTANT FACTORS THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE ORACHIEVEMENTS OF THE GROUP TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS,PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKINGSTATEMENTS.THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO: THE NUMBER AND TYPE OF INSURANCEAND REINSURANCE CONTRACTS THAT WE WRITE; THE PREMIUM RATES AVAILABLE AT THETIME OF SUCH RENEWALS WITHIN OUR TARGETED BUSINESS LINES; THE LOW FREQUENCY OFLARGE EVENTS; UNUSUAL LOSS FREQUENCY; THE IMPACT THAT OUR FUTURE OPERATINGRESULTS, CAPITAL POSITION AND RATING AGENCY AND OTHER CONSIDERATIONS HAVE ONTHE EXECUTION OF ANY CAPITAL MANAGEMENT INITIATIVES; THE POSSIBILITY OF GREATERFREQUENCY OR SEVERITY OF CLAIMS AND LOSS ACTIVITY THAN OUR UNDERWRITING,RESERVING OR INVESTMENT PRACTICES HAVE ANTICIPATED; THE RELIABILITY OF, ANDCHANGES IN ASSUMPTIONS TO, CATASTROPHE PRICING, ACCUMULATION AND ESTIMATED LOSSMODELS; LOSS OF KEY PERSONNEL; A DECLINE IN OUR OPERATING SUBSIDIARIES' RATINGWITH A.M. BEST, STANDARD & POOR'S, MOODY'S OR OTHER RATING AGENCIES; INCREASEDCOMPETITION ON THE BASIS OF PRICING, CAPACITY, COVERAGE TERMS OR OTHER FACTORS;A CYCLICAL DOWNTURN OF THE INDUSTRY; THE IMPACT OF A DETERIORATING CREDITENVIRONMENT FOR ISSUERS OF FIXED INCOME INVESTMENTS; THE IMPACT OF SWINGS INMARKET INTEREST RATES AND SECURITIES PRICES; A RATING DOWNGRADE OF, OR A MARKETDECLINE IN, SECURITIES IN OUR INVESTMENT PORTFOLIO; CHANGES IN GOVERNMENTALREGULATIONS OR TAX LAWS IN JURISDICTIONS WHERE LANCASHIRE CONDUCTS BUSINESS;LANCASHIRE OR ITS BERMUDIAN SUBSIDIARY BECOMING SUBJECT TO INCOME TAXES IN THEUNITED STATES OR THE UNITED KINGDOM; AND THE EFFECTIVENESS OF OUR LOSSLIMITATION METHODS; THE UK TEMPORARY PERIOD EXEMPTION UNDER THE CURRENT CFCREGIME REMAINS IN FORCE FOR THE PERIOD INTENDED AND IS CONTAINED IN THE UKFINANCE ACT 2011; THE UK GOVERNMENT BRINGS BEFORE PARLIAMENT LEGISLATIONCONTAINING A SUITABLE NEW CFC REGIME IN LINE WITH THE PROPOSALS OUTLINED IN THECONSULTATION DOCUMENT; THE LEGISLATION AND NEW CFC REGIME INCLUDE A SUITABLEEXCLUSION RELATING TO LARGE RISKS WRITTEN IN THE INTERNATIONAL INSURANCEMARKET, ANY CHANGE IN UK GOVERNMENT OR THE UK GOVERNMENT POLICY DOES NOT IMPACTTHE TEMPORARY PERIOD EXEMPTION, THE ANTICIPATED TERRITORIAL BUSINESS EXEMPTIONOR OTHER ASPECTS OF THE NEW CFC REGIME; THE IMPLEMENTATION OF THE CHANGE IN TAXRESIDENCE DOES NOT NEGATIVELY IMPACT STAKEHOLDERS OF LANCASHIRE IN A MATERIALWAY; AND CHANGES IN OTHER GOVERNMENTAL REGULATIONS OR TAX LAWS IN OTHERJURISDICTIONS WHERE LANCASHIRE CONDUCTS BUSINESS.THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF PUBLICATION.LANCASHIRE HOLDINGS LIMITED EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING(SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS (INCLUDINGTHE RULES OF THE LONDON STOCK EXCHANGE)) TO DISSEMINATE ANY UPDATES ORREVISIONS TO ANY FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGES IN THEGROUP'S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED.
XLONRelated Shares:
Lancashire Holdings