8th Sep 2006 07:01
Lancashire Holdings Limited08 September 2006 Lancashire Holdings Limited Hamilton, Bermuda, 8 September 2006 LANCASHIRE INSURANCE COMPANY (UK) LIMITED RECEIVES FSA AUTHORISATION Lancashire Holdings Limited ("Lancashire" or "the Company") today announced thatLancashire Insurance Company (UK) Limited ("LUK") has obtained authorizationfrom the UK Financial Services Authority ("FSA") to commence underwriting. LUK is authorised to write the same lines of insurance business that arecurrently written by Lancashire Insurance Company Limited ("LICL"), theCompany's Bermuda Class 4 insurance subsidiary. To date, LICL has writtenbusiness, mostly on a direct basis, in four lines: property, energy, marine andaviation. LUK is capitalised at £60 million (approximately US$113 million). LUK has alsoentered into a quota share agreement with LICL for a whole account cession of apercentage of risks written in the UK. A.M. Best has assigned an A- (Excellent) rating to LUK. Richard Brindle, Chief Executive Officer and Chief Underwriting Officer,commented: "We are very excited about the authorisation of our London underwritingoperation. Lancashire UK is an accretive, organic addition to our existingoperation and one which will greatly increase the flexibility of our operationsand afford us access to a wider pool of high quality risks. We expect to see thebenefits of this almost immediately when we commence underwriting, and we lookforward to capitalising on these benefits as we move into 2007 and beyond." For further information, please contact: Lancashire Holdings +1 441 278 8950Neil McConachieGreg Lunn Financial Dynamics +44 20 7269 7200Rob BailhacheNick Henderson www.lancashire.bm About Lancashire Lancashire was established in 2005 as a new insurance and reinsurance businessto take advantage of the favourable underwriting conditions expected to arisefrom the large insured losses incurred in 2004 and 2005. The Company has an A.M.Best rating of A- (Excellent) with a stable outlook. Lancashire was admitted to AIM on 16 December 2005 following an Offer of CommonShares to investors. The Common Shares trade on AIM under the ticker symbol LRE. NOTE REGARDING FORWARD-LOOKING STATEMENTS CERTAIN STATEMENTS MADE IN THIS ANNOUNCEMENT THAT ARE NOT BASED ON CURRENT ORHISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMITATION,STATEMENTS CONTAINING WORDS "BELIEVES", "ANTICIPATES", "PLANS", "PROJECTS","INTENDS", "EXPECTS", "LIKELY, "ESTIMATES", "PREDICTS", "MAY", "WILL", "SEEKS","SHOULD" OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY. ALLSTATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS INCLUDING, WITHOUTLIMITATION, THOSE REGARDING THE GROUP'S PROSPECTS, GROWTH, BUSINESS STRATEGY,AND PLANS AND OBJECTIVES RELATING TO THE GROUP'S INSURANCE BUSINESSES ANDPLATFORMS ARE FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTSINVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES, REGULATORY AND RATING AGENCYCONDITIONS AND OTHER IMPORTANT FACTORS, SOME OF WHICH ARE OUTSIDE OF THE GROUP'SCONTROL, THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THEGROUP TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE ORACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THESEFORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS ANNOUNCEMENT OROTHER INFORMATION CONCERNED. LANCASHIRE HOLDINGS LIMITED EXPRESSLY DISCLAIMS ANYOBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL ORREGULATORY OBLIGATIONS, INCLUDING THE AIM RULES) TO DISSEMINATE ANY UPDATES ORREVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANYCHANGES IN THE GROUP'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS,CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lancashire Holdings