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/     
      (1) Alex Maloney (Executive             director named in 3 and identify 
      Director and Group Chief                connected person                 
      Officer)                                                                         
                                               N/A                              
                                                                               
      (2) Elaine Whelan (Executive                                             
      Director and Group Chief Financial 
      Officer)                                           
                                                                               
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                                                  
                                               1. Lancashire Holdings Limited  
      Persons referred to at 3 above              ("LHL") Restricted Share Scheme 
                                                  Award and LHL Restricted Share 
                                                  Scheme Awards Bonus Deferral Plan       
                                                                               
                                               2. Lancashire Holdings Limited  
                                                  ("LHL")Restricted Share 
                                                  Scheme Award and LHL 
                                                  Restricted Share Scheme  
                                                  Awards Bonus Deferral Plan       
                                                                               
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                                           
                                               1. Exercise of 246,530          
       1. Alex Maloney                            Restricted Share Awards     
       2. Elaine Whelan                           granted as nil-cost options       
                                                  over common shares of US$0.50 
                                                  each, of which 236,198 were 
                                                  granted under the LHL Restricted 
                                                  Share Scheme and 10,332 were 
                                                  granted under the LHL Restricted 
                                                  Share Scheme Awards Bonus Deferral 
                                                  Plan and subsequent sale of 116,104 
                                                  shares to cover tax liabilities                      
                                                                               
                                               2. Exercise of 142,677 Restricted          
                                                  Share Awards granted as nil-cost       
                                                  options over common shares of 
                                                  US$0.50 each, of which 126,894 
                                                  were granted under the LHL 
                                                  Restricted Share Scheme and                              
                                                  15,783 were granted under the    
                                                  LHL Restricted Share Scheme      
                                                  Awards Bonus Deferral Plan and          
                                                  subsequent sale of 3,082 shares 
                                                  to cover tax liabilities                      
                                                                               
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         
      (1) 246,530                             percentage)                      
                                                                               
      (2) 142,677                             (1) 0.1343%                      
                                                                               
                                              (2) 0.0777%                      
                                                                               
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         
      (1) 116,104                             percentage)                      
                                                                               
      (2) 3,082                                1. 0.0633%                      
                                                                               
                                               2. 0.0017%                      
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                               1. 7 May 2014 - London, England 
       1. £6.677371 per share                                                  
                                               2. 7 May 2014 - London, England 
      (2) £6.677371 per share                                                  
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transaction                      
      holding following notification                                           
      (any treasury shares should not         8 May 2014                       
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
       1. 321,841 common shares -                                              
          Totalling 0.1754% (of which                                          
          100,000 shares belong to                                             
          connected person Amanda                                              
          Maloney)                                                             
                                                                               
       2. 233,820 common shares -                                              
          Totalling 0.1274% (of which                                          
          2,600 shares belong to                                               
          connected person Kilian                                              
          Whelan)                                                              

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, Alex         Christopher Head + 44 (0) 207   
      Maloney also holds the following         264 4145                        
      interests in the Company:                                                
                                                                               
      Restricted Share Scheme Awards                                           
      Bonus Deferral Plan - 45,610                                             
      (vesting is subject to time and                                          
      employment conditions only)                                              
                                                                               
      Restricted Share Scheme Awards-                                          
                                                                               
      443,467*                                                                 
                                                                               
      In addition to the securities                                            
      noted in question 15 above,                                              
      Elaine Whelan also holds the                                             
      following interests in the                                               
      Company:                                                                 
                                                                               
      Restricted Share Scheme Awards                                           
      Bonus Deferral Plan - 39,195                                             
      (vesting is subject to time and                                          
      employment conditions only)                                              
                                                                               
      Restricted Share Scheme Awards-                                          
                                                                               
      292,662*                                                                 
                                                                               
      *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.                                         
                                                                               
      N.B: Elaine Whelan and Alex                                              
      Maloney have sold only the number                                        
      of shares required to cover tax                                          
      liabilities and have retained the                                        
      remainder of the resulting                                               
      shares.                                                                  

Name of authorised official if issuer for making notification                  
                                                                               
Christopher Head                                                              
Company Secretary                                                              
                                                                               
9 May 2014