Holding(s) in Company

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Lancashire Holdings Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

x

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

x

An event changing the breakdown of voting rights

Other (please specify):

Correction of Shareholder Name

x

3. Full name of person(s) subject to thenotification obligation: iii

Frank W. Cawood

Timothy W. Anders

4. Full name of shareholder(s)  (if different from 3.):iv

Frank W. Cawood IRA, Timothy W. Anders 401K Account, Frank W. Cawood & Associates, Inc., The Cawood Foundation, Inc. Gayle R. Cawood IRA, Irrevocable Living Trusts (7) FBO Nathan Paul Cruver, Joelle Rachel Cruver, Andrew Reuben Cruver, Seth David Cruver, Natalie C. Cruver, Benjamin John Cawood and Joseph Louis Cawood

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

12/9/2010

6. Date on which issuer notified:

12/13/2010

7. Threshold(s) that is/are crossed orreached: vi, vii

Over 9%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

1,285,813

1,285,813

774,419

774,419

631,861

0.509%

0.415%

Common Share

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Warrant

5.00 USD

12/16/2015

Until Expiry

12,307,577

Nominal

Delta

8.089%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

13,713,857

9.013%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Frank W. Cawood controls the voting rights for the Frank W. Cawood IRA, Frank W. Cawood & Associates, Inc. and for The Cawood Foundation, Inc. Mr. Cawood may be deemed to have voting control for The Cawood Foundation, Inc. shares, but he disclaims any beneficial ownership.

Timothy W. Anders controls the voting rights for Timothy W. Anders 401K Account and as the Trustee for Irrevocable Living Trusts (7) FBO Nathan Paul Cruver, Joelle Rachel Cruver, Andrew Reuben Cruver, Seth David Cruver, Natalie C. Cruver, Benjamin John Cawood and Joseph Louis Cawood. Mr. Anders may be deemed to have voting control for Irrevocable Living Trust shares, but he disclaims any beneficial ownership.

Gayle R. Cawood controls the voting rights for the Gayle R. Cawood IRA Account.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

This information is to the best of our knowledge.

14. Contact name:

Timothy W. Anders

15. Contact telephone number:

770-487-6307