LANCASHIRE HOLDINGS LIMITED
29 March 2018
London, UK
Total Voting
Rights
In conformity with DTR 5.6.1R, Lancashire Holdings Limited (the
“Company”) announces that as of 29 March
2018, the Company’s issued share capital consists of
201,341,918 Common Shares of $0.50
each (“Common Shares”). As no common shares are currently held in
Treasury, the total number of Common Shares in issue with voting
rights is 201,341,918.
The above figure of 201,341,918 may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
For further information, please contact:
Lancashire Holdings
Limited
Christopher Head |
+44 20 7264 4145
chris.head@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 Strength
Rating (1) |
Financial Strength
Outlook(1) |
Long
Term Issuer
Rating (2) |
A.M. Best |
A (Excellent) |
Stable |
bbb |
S&P Global
Ratings |
A- |
Stable |
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); S&P Global Ratings: A+ (Strong); and Fitch: AA-
(Very Strong).
Lancashire has capital in
excess of $1.4 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 release contains information, which may be of a price
sensitive nature, that Lancashire
is making public in a manner consistent with the EU Market Abuse
Regulation and other regulatory obligations. The information was
submitted for publication, through the agency of the contact
persons set out above, at 17:30 BST
on 29 March 2018.
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 ACTUAL
DEVELOPMENT OF LOSSES AND EXPENSES IMPACTING ESTIMATES FOR
HURRICANES HARVEY, IRMA AND MARIA AND THE EARTHQUAKES IN
MEXICO, THAT OCCURRED IN THE THIRD
QUARTER OF 2017 AND THE WILDFIRES WHICH IMPACTED PARTS OF
CALIFORNIA DURING 2017; THE IMPACT
OF COMPLEX AND UNIQUE CAUSATION AND COVERAGE ISSUES ASSOCIATED WITH
ATTRIBUTION OF LOSSES TO WIND OR FLOOD DAMAGE OR OTHER PERILS SUCH
AS FIRE OR BUSINESS INTERRUPTION RELATING TO SUCH EVENTS; POTENTIAL
UNCERTAINTIES RELATING TO REINSURANCE RECOVERIES, REINSTATEMENT
PREMIUMS AND OTHER FACTORS INHERENT IN LOSS ESTIMATION; 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, S&P GLOBAL
RATINGS, 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 MATURITY INVESTMENTS; THE
IMPACT OF SWINGS IN MARKET INTEREST RATES, CURRENCY EXCHANGE 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 THE GROUP OPERATES; 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 THE GROUP WRITES RISKS; A RATING
DOWNGRADE OF, OR A MARKET DECLINE IN, SECURITIES IN THE GROUP'S
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; ANY CHANGE IN UK GOVERNMENT POLICY WHICH IMPACTS THE CFC
REGIME OR OTHER TAX CHANGES; AND THE IMPACT OF “BREXIT” (FOLLOWING
THE UK'S NOTIFICATION TO THE EUROPEAN COUNCIL UNDER ARTICLE 50 OF
THE TREATY ON EUROPEAN UNION ON 29 MARCH
2017) AND FUTURE NEGOTIATIONS REGARDING THE U.K’S
RELATIONSHIP WITH THE E.U. ON THE GROUP'S 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 STATEMENT TO REFLECT
ANY CHANGES IN THE GROUP’S EXPECTATIONS OR CIRCUMSTANCES ON WHICH
ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL
FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS
ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR
ENTIRETY BY THIS PARAGRAPH. PROSPECTIVE INVESTORS SHOULD
SPECIFICALLY CONSIDER THE FACTORS IDENTIFIED IN THIS RELEASE WHICH
COULD CAUSE ACTUAL RESULTS TO DIFFER BEFORE MAKING AN INVESTMENT
DECISION.