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  
      (the "Company")                         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, (ii)
                                              a disclosure made in accordance  
                                              with LR 9.8.6R(1)                
                                                                               
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)                               connected person                 
                                                                               
                                              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                                           
                                              Cashless exercise of 265,631     
      Richard Brindle                         options over                     
                                                                               
                                              the common shares of US$0.50 each
                                                                               
                                              awarded under the Company's Long 
                                              Term                             
                                                                               
                                              Incentive Plan adopted by the    
                                              Company's                        
                                                                               
                                              shareholders on 7 December 2005  
                                              and                              
                                                                               
                                              subsequently amended by the      
                                              Company's                        
                                                                               
                                              shareholders on 4 January 2008.  
                                              The                              
                                                                               
                                              number of shares allotted for    
                                              each option                      
                                                                               
                                              exercise is net of applicable    
                                              tax.                             
                                                                               
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         
      129,922 common shares                   percentage)                      
                                                                               
                                              0.08%                            
                                                                               
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         
      N/A                                     percentage)                      
                                                                               
                                              N/A                              
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                              1 April 2010, London             
      Nil                                                                      
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transactions                     
      holding following notification                                           
      (any treasury shares should not         6 April 2010                     
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
      787,113 common shares = 0.48%                                            

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,             Greg Lunn [phone]        
      Richard Brindle also holds the                                           
      following interests in the                                               
      Company:                                                                 
                                                                               
      Restricted Share Scheme - 744,007                                        
                                                                               
      Long Term Incentive Plan - 75,000                                        
                                                                               
      Time vesting warrants - 7,625,217                                        
                                                                               
      Performance warrants - 741,964                                           
                                                                               
      Founder Warrants - 46,260                                                

Name of authorised official if issuer making notification                      
                                                                               
Greg Lunn                                                                      
                                                                               
Company Secretary                                                              
                                                                               
13 April 2010                                                                  

Notes: This form is intended for use by an issuer to make a RIS notification
required by DTR 3.1.4

 1. An issuer making a notification in respect of a transaction relating to the
    shares or debentures of the issuer should complete boxes 1 to 16, 23 and
    24.
   
 2. An issuer making a notification in respect of a derivative relating the
    shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and
    24.
   
 3. An issuer making a notification in respect of options granted to a director
    /person discharging managerial responsibilities should complete boxes 1 to
    3 and 17 to 24.
   
 4. An issuer making a notification in respect of a financial instrument
    relating to the shares of the issuer (other than a debenture) should
    complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.