Director/PDMR Shareholding

Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons

1.    Name of the issuer                2.    State whether the notification   
                                              related to (i) a transaction     
      Lancashire Holdings Limited             notified in accordance with DTR  
                                              3.1.2 R, (ii) a disclosure made  
                                              in accordance with LR 9.8.6R(1)  
                                              or (iii) a disclosure made in    
                                              accordance with section 793 of   
                                              the Companies Act (2006)         
                                                                               
                                               i. a transaction notified in    
                                                  accordance with DTR 3.1.2 R  
                                                                               
3.    Name of the person discharging    4.    State whether notification       
      managerial responsibilities/            relates to a person connected    
      director                                with a person discharging        
                                              managerial responsibilities/     
      Richard Brindle (Executive              director named in 3 and identify 
      Director and                            connected person                 
                                                                               
      Group CEO)                              N/A                              
                                                                               
5.    Indicate whether the notification 6.    Description of shares (including 
      is in respect of a holding of the       class), debentures or derivatives
      person referred to in 3 or 4            or financial instruments relating
      above or in respect of a                to shares                        
      non-beneficial interest                                                  
                                              Common shares of US$0.50 each    
      Person referred to at 3 above                                            
                                                                               
7.    Name of registered shareholder(s) 8.    State the nature of the          
      and, if more than one, the number       transaction                      
      of shares held by each of them                                           
                                              Transfer of common shares to a   
      Richard Brindle                         private charitable trust         
                                                                               
9.    Number of shares, debentures or   10.   Percentage of issued class       
      financial instruments relating to       acquired (treasury shares of the 
      shares acquired                         class should not be taken into   
                                              account when calculating         
      N/A                                     percentage)                      
                                                                               
                                              N/A                              
                                                                               
11.   Number of shares, debentures or   12.   Percentage of issued class       
      financial instruments relating to       disposed (treasury shares of the 
      shares disposed                         class should not be taken into   
                                              account when calculating         
      66,710 shares                           percentage)                      
                                                                               
                                              0.0419%                          
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                              6 March 2012 - London, England   
      Transferred for nil consideration                                        
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transaction                      
      holding following notification                                           
      (any treasury shares should not         6 March 2012                     
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
      858,022 common shares 0.5391%                                           

If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes                                        
                                                                               
17.   Date of grant                     18.   Period during which or date on   
                                              which exercisable                
                                                                               
19.   Total amount paid (if any) for    20.   Description of shares or         
      grant of the option                     debentures involved (class and   
                                              number)                          
                                                                               
21.   Exercise price (if fixed at time  22.   Total number of shares or        
      of grant) or indication that            debentures over which options    
      price is to be fixed at the time        held following notification      
      of exercise                                                              

23.   Any additional information        24.    Name of contact and telephone   
                                               number for queries              
      In addition to the securities                                            
      noted in question 15 above,              Christopher Head + 44 (0) 207   
      Richard Brindle also holds the           264 4145                        
      following interests in the                                               
      Company:                                                                 
                                                                               
      Restricted Share Scheme Awards                                           
      Bonus Deferral Plan*- 257,061                                            
                                                                               
      *vesting is subject to time and                                          
      employment                                                               
                                                                               
      conditions only                                                          
                                                                               
      Restricted Share Scheme Awards-                                          
                                                                               
      928,004**                                                                
                                                                               
      **Pursuant to the Rules of the                                           
      Restricted Share Scheme, the                                             
      number of shares that will                                               
      actually vest depends on the                                             
      satisfaction of certain                                                  
      conditions including employment,                                         
      performance and time conditions.                                         
                                                                               
      Time vesting warrants - 5,625,217                                        
                                                                               
      Performance warrants - 741,965                                           
                                                                               
      Founder Warrants - 46,260                                                
                                                                               
      N.B: The 66,710 shares which are                                         
      the subject of this notification                                         
      have been transferred for nil                                            
      consideration to the Muriel Jones                                        
      Foundation, a Charity of which                                           
      Mr. Brindle is a Trustee.                                                

Name of authorised official if issuer for making notification                  
                                                                               
Christopher Head                                                               
                                                                               
Assistant Company Secretary                                                    
                                                                               
7 March 2012