LANCASHIRE
HOLDINGS LIMITED
17 June 2022
Hamilton, Bermuda
Share Repurchase
Programme
As previously announced on 13 May
2022, Lancashire Holdings Limited (the “Company” or
“Lancashire”) commenced a share repurchase programme of its
common shares of US$0.50 each (the
“Shares”) up to a maximum consideration of US$18,777,000 (the “Programme”) to be
executed during the period commencing 16 May
2022 and ending no later than 24 June
2022. Since 16 May 2022, the
Company has repurchased 1,485,703 Shares under the Programme, at a
total of cost US$7,252,734.86,
pursuant to an irrevocable arrangement with Morgan Stanley &
Co. International Plc (“Morgan Stanley”) acting as
riskless principal to repurchase Shares on its behalf within
certain parameters. The Shares purchased under the Programme are
currently held in a custody account.
Today, Lancashire announces that, as the Company will shortly be
entering a closed period, in connection with the above Programme
the Company has entered into a further irrevocable arrangement with
Morgan Stanley to continue repurchases of Shares on its behalf and
within certain parameters until the earlier of the completion of
the Programme or the Company’s announcement of its results for the
second quarter ending on 30 June
2022, which is scheduled for release on 27 July 2022. Any purchases made by Morgan
Stanley pursuant to such authority will be undertaken at the sole
discretion of Morgan Stanley.
Any purchase of Shares in relation to this announcement will be
executed in accordance with the relevant regulations (including but
not limited to the Listing Rules) and Lancashire’s general
authority, as granted by shareholders at Lancashire’s AGM held on
27 April 2022, to make market
purchases of Shares. Lancashire will announce any market repurchase
of Shares no later than 7.30 a.m. on
the business day following the calendar day on which the repurchase
occurred. Shares purchased under the Programme will be used to
satisfy a number of future exercises of awards under the Company’s
Restricted Share Scheme.
This announcement does not constitute,
or form part of, an offer or any solicitation of an offer for
securities in any jurisdiction.
See further the “Note Regarding Forward-Looking Statements”
below.
For further information, please contact:
Lancashire Holdings
Limited
Christopher Head |
+44 20 7264 4145
chris.head@lancashiregroup.com |
Jelena Bjelanovic |
+44 20 7264 4066
jelena.bjelanovic@lancashiregroup.com |
FTI Consulting |
+44 20 37271046 |
Edward Berry |
Edward.Berry@FTIConsulting.com |
Tom Blackwell |
Tom.Blackwell@FTIConsulting.com |
About Lancashire
Lancashire, through its UK and Bermuda-based operating subsidiaries, is a
provider of global specialty insurance and reinsurance
products.
|
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.
Lancashire Syndicates Limited benefits from Lloyd’s ratings:
A.M. Best: A (Excellent); S&P Global
Ratings: A+ (Strong); and Fitch: AA- (Very Strong).
Lancashire has capital of approximately $1.8 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 head office and
registered office at Power House, 7 Par-la-Ville Road, Hamilton HM
11, Bermuda.
The Bermuda Monetary Authority (“BMA”) is the Group Supervisor
of the Lancashire Group.
For more information, please visit Lancashire’s website at
www.lancashiregroup.com.
The information was submitted for publication, through the
agency of the contact persons set out above, at 13:30 BST on 17 June
2022.
NOTE REGARDING FORWARD-LOOKING
STATEMENTS:
CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE
MODELLED 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”, “AIMS”, “PLANS”, “PROJECTS”,
“FORECASTS”, “GUIDANCE”, “INTENDS”, “EXPECTS”, “ESTIMATES”,
“PREDICTS”, “MAY”, “CAN”, “LIKELY”, “WILL”, “SEEKS”, “SHOULD”, OR,
IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY.
ALL FORWARD-LOOKING STATEMENTS IN THIS RELEASE 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 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 NOTE.