TIDMLRE
RNS Number : 7328I
Lancashire Holdings Limited
01 September 2016
LANCASHIRE HOLDINGS LIMITED
1 September 2016
London, UK
Succession plans for the active underwriter roles at the
Cathedral syndicates
Lancashire Holdings Limited has today announced succession plans
for the Active Underwriter roles of Syndicates 2010 and 3010 at
Cathedral Underwriting Limited ("Cathedral").
John Spence, a senior aviation underwriter at Syndicate 3010,
will be appointed as Active Underwriter for Syndicate 3010 with
immediate effect (subject to Lloyd's and relevant regulatory
approvals); and Jon Barnes, who is due to join Cathedral from
Syndicate 2121 (where he is the deputy active underwriter) to lead
the underwriting of the property treaty reinsurance account for
Syndicate 2010, is to be appointed as the Active Underwriter for
Syndicate 2010 early in 2017. Jon's appointment also remains
subject to Lloyd's and relevant regulatory approvals.
With these appointments, Richard Williams will step down from
the role of Active Underwriter for the two Syndicates. Richard will
continue in his role as Active Underwriter for Syndicate 2010
pending Jon Barnes' appointment in early 2017, and will work with
Cathedral's managing director, Marion Madden, John Spence and Jon
Barnes to implement the succession plans during the course of the
coming year.
Alex Maloney, Lancashire Group CEO said:
"I would like to thank Richard for having stepped into the role
of Active Underwriter earlier in the year during a time of change
within the Cathedral business. Richard has been instrumental in
helping us make a number of exciting appointments during 2016, and
these have helped build the bench strength of the underwriting team
at Cathedral.
I would also like to congratulate John and Jon on their new
roles and I look forward to working with them during the course of
the coming year in taking the Cathedral business forward. We
believe that the appointment of a designated Active Underwriter for
each of the Cathedral Syndicates will further enhance arrangements
for strategic planning and the management of our Lloyd's
operations."
For further information, please contact:
Lancashire Holdings
Limited +44 20 7264 4145
Christopher Head chris.head@lancashiregroup.com
Jonny Creagh-Coen +44 20 7264 4066
jcc@lancashiregroup.com
Haggie Partners +44 20 7562 4444
David Haggie (David Haggie mobile
+44 7768332486)
About Lancashire
Lancashire, through its UK and Bermuda-based operating
subsidiaries, is a global provider of specialty insurance and
reinsurance products. The Group companies carry the following
ratings:
Financial Long Term
Strength Financial Issuer
Rating Strength Rating
(1) Outlook(1) (2)
------------------- -------------- ------------ ----------
A.M. Best A (Excellent) Stable bbb
S&P Global Ratings A- Positive BBB
Moody's A3 Stable Baa2
------------------- -------------- ------------ ----------
(1) Financial Strength Rating and Financial Strength Outlook
apply to Lancashire Insurance Company Limited and Lancashire
Insurance Company (UK) Limited.
(2) Long Term Issuer Rating applies to Lancashire Holdings
Limited.
Cathedral benefits from Lloyd's ratings: A.M. Best: A
(Excellent); Standard & Poor's: A+ (Strong); and Fitch: AA-
(Very Strong).
Lancashire has capital in excess of $1.5 billion and its common
shares trade on the premium segment of the Main Market of the
London Stock Exchange under the ticker symbol LRE. Lancashire has
its corporate headquarters and mailing address at 29th Floor, 20
Fenchurch Street, London EC3M 3BY, United Kingdom and its
registered office at Power House, 7 Par-la-Ville Road, Hamilton HM
11, Bermuda.
For more information on Lancashire and Lancashire's subsidiary
and Lloyd's segment, Cathedral Capital Limited ("Cathedral"), visit
Lancashire's website at www.lancashiregroup.com
The UK Prudential Regulation Authority ("PRA") is the Group
Supervisor of the Lancashire Group.
Lancashire Insurance Company Limited is regulated by the Bermuda
Monetary Authority ("BMA") in Bermuda.
Lancashire Insurance Company (UK) Limited is authorised by the
PRA and regulated by the Financial Conduct Authority ("FCA") and
the PRA in the UK.
Kinesis Capital Management Limited is regulated by the BMA in
Bermuda.
Cathedral Underwriting Limited is authorised by the PRA and
regulated by the FCA and the PRA in the UK. It is also authorised
and regulated by Lloyd's.
This disclosure may contain inside information of a price
sensitive nature, as more particularly defined in the Market Abuse
Regulation. The Lancashire Group however, acknowledges that matters
of price sensitivity are a matter of degree.
NOTE REGARDING FORWARD-LOOKING STATEMENTS:
CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE
MODELED LOSS SCENARIOS) MADE IN THIS RELEASE OR OTHERWISE THAT ARE
NOT BASED ON CURRENT OR HISTORICAL 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", "LIKELY", "WILL", "SEEKS", "SHOULD", OR, IN EACH CASE, THEIR
NEGATIVE OR COMPARABLE TERMINOLOGY. ALL SUCH STATEMENTS OTHER THAN
STATEMENTS OF HISTORICAL FACTS INCLUDING, WITHOUT LIMITATION, THE
GROUP'S FINANCIAL POSITION, LIQUIDITY, RESULTS OF OPERATIONS,
PROSPECTS, GROWTH, CAPITAL MANAGEMENT PLANS AND EFFICIENCIES,
ABILITY TO CREATE VALUE, DIVIDEND POLICY, OPERATIONAL FLEXIBILITY,
COMPOSITION OF MANAGEMENT, BUSINESS STRATEGY, PLANS AND OBJECTIVES
OF MANAGEMENT FOR FUTURE OPERATIONS (INCLUDING DEVELOPMENT PLANS
AND OBJECTIVES RELATING TO THE GROUP'S INSURANCE BUSINESS) ARE
FORWARD LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS INVOLVE
KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS
THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF
THE GROUP TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS,
PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH
FORWARD-LOOKING STATEMENTS.
THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO: THE GROUP'S
ABILITY TO INTEGRATE ITS BUSINESSES AND PERSONNEL; THE SUCCESSFUL
RETENTION AND MOTIVATION OF THE GROUP'S KEY MANAGEMENT; THE
INCREASED REGULATORY BURDEN FACING THE GROUP, THE NUMBER AND TYPE
OF INSURANCE AND REINSURANCE CONTRACTS THAT THE GROUP WRITES OR MAY
WRITE; THE GROUP'S ABILITY TO IMPLEMENT SUCCESSFULLY ITS BUSINESS
STRATEGY DURING 'SOFT' AS WELL AS 'HARD' MARKETS; THE PREMIUM RATES
WHICH MAY BE AVAILABLE AT THE TIME OF SUCH RENEWALS WITHIN THE
GROUP'S TARGETED BUSINESS LINES; THE POSSIBLE LOW FREQUENCY OF
LARGE EVENTS; POTENTIALLY UNUSUAL LOSS FREQUENCY; THE IMPACT THAT
THE GROUP'S FUTURE OPERATING RESULTS, CAPITAL POSITION AND RATING
AGENCY AND OTHER CONSIDERATIONS MAY HAVE ON THE EXECUTION OF ANY
CAPITAL MANAGEMENT INITIATIVES OR DIVIDENDS; THE POSSIBILITY OF
GREATER FREQUENCY OR SEVERITY OF CLAIMS AND LOSS ACTIVITY THAN THE
GROUP'S UNDERWRITING, RESERVING OR INVESTMENT PRACTICES HAVE
ANTICIPATED; THE RELIABILITY OF, AND CHANGES IN ASSUMPTIONS TO,
CATASTROPHE PRICING, ACCUMULATION AND ESTIMATED LOSS MODELS;
INCREASED COMPETITION FROM EXISTING ALTERNATIVE CAPITAL PROVIDERS,
INSURANCE LINKED FUNDS AND COLLATERALISED SPECIAL PURPOSE INSURERS
AND THE RELATED DEMAND AND SUPPLY DYNAMICS AS CONTRACTS COME UP FOR
RENEWAL; THE EFFECTIVENESS OF THE GROUP'S LOSS LIMITATION METHODS;
THE POTENTIAL LOSS OF KEY PERSONNEL; A DECLINE IN THE GROUP'S
OPERATING SUBSIDIARIES' RATING WITH A.M. BEST, STANDARD &
POOR'S, MOODY'S OR OTHER RATING AGENCIES; INCREASED COMPETITION ON
THE BASIS OF PRICING, CAPACITY, COVERAGE TERMS OR OTHER FACTORS; A
CYCLICAL DOWNTURN OF THE INDUSTRY; THE IMPACT OF A DETERIORATING
CREDIT ENVIRONMENT FOR ISSUERS OF FIXED INCOME INVESTMENTS; THE
IMPACT OF SWINGS IN MARKET INTEREST RATES AND SECURITIES PRICES;
CHANGES BY CENTRAL BANKS REGARDING THE LEVEL OF INTEREST RATES; THE
IMPACT OF INFLATION OR DEFLATION IN RELEVANT ECONOMIES IN WHICH WE
OPERATE; THE EFFECT, TIMING AND OTHER UNCERTAINTIES SURROUNDING
FUTURE BUSINESS COMBINATIONS WITHIN THE INSURANCE AND REINSURANCE
INDUSTRIES; THE IMPACT OF TERRORIST ACTIVITY IN THE COUNTRIES IN
WHICH WE WRITE RISKS; A RATING DOWNGRADE OF, OR A MARKET DECLINE
IN, SECURITIES IN ITS INVESTMENT PORTFOLIO; CHANGES IN GOVERNMENTAL
REGULATIONS OR TAX LAWS IN JURISDICTIONS WHERE THE GROUP CONDUCTS
BUSINESS; ANY OF THE GROUP'S BERMUDIAN SUBSIDIARIES BECOMING
SUBJECT TO INCOME TAXES IN THE UNITED STATES OR THE UNITED KINGDOM;
THE INAPPLICABILITY TO THE GROUP OF SUITABLE EXCLUSIONS FROM THE UK
CFC REGIME; ANYCHANGE IN UK GOVERNMENT POLICY WHICH IMPACTS THE CFC
REGIME OR OTHER TAX CHANGES; AND THE IMPACT OF THE "BREXIT" VOTE
AND FUTURE NEGOTIATIONS REGARDING THE U.K'S RELATIONSHIP WITH THE
E.U. IN THE RECENT IN-OR-OUT REFERENDUM ON OUR BUSINESS, REGULATORY
RELATIONSHIPS, UNDERWRITING PLATFORMS OR THE INDUSTRY
GENERALLY.
ALL FORWARD-LOOKING STATEMENTS IN THIS RELEASE SPEAK ONLY AS AT
THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY
OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY
LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON
STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY
FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGES IN THE GROUP'S
EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS
BASED.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBXGDCSSGBGLB
(END) Dow Jones Newswires
September 01, 2016 09:45 ET (13:45 GMT)
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