Director Appointment and Proposed CFO Change
Lancashire Holdings Limited
8 November 2010
Hamilton, Bermuda
Director appointment and proposed change of Chief Financial Officer
Lancashire Holdings Limited ("Lancashire" or the "Company") announces the
appointment of Alex Maloney as a director of Lancashire. The appointment was
made on 5 November 2010. Alex joined Lancashire in December 2005 and, as the
Group Chief Underwriting Officer, now leads underwriting operations.
Lancashire also announces that it will appoint Elaine Whelan as Chief Financial
Officer ("CFO") of Lancashire, with effect from 1 January 2011 for the new
fiscal year, subject to the approval of the Bermuda Department of Immigration
and a change to the Company's Bye-laws*. Elaine will replace Neil McConachie as
CFO. Neil became President of Lancashire in 2009 and will continue in that
role. He will remain as CFO until Elaine's formal appointment.
Martin Thomas, Lancashire´s Chairman, said:
"I am very pleased to welcome Alex Maloney to the Board, where his underwriting
expertise will be of great benefit to the conduct of our business. Elaine
Whelan's appointment as CFO is a timely recognition of her talents, and marks a
further strengthening of the senior management team."
Richard Brindle, the Company's Chief Executive Officer commented:
"We are delighted to announce that Elaine is to become Lancashire's Chief
Financial Officer and Alex's membership of the Lancashire Board. Both have been
important to the success of Lancashire in its first five years. Alex has made
an outstanding all round contribution, particularly in the area of
underwriting, and our Board will benefit from his talents and insight. Elaine
has been with us since just after Lancashire's inception, and has demonstrated
exceptional dedication and capability as Group Financial Controller and
latterly as Deputy Group CFO. Over the past five years, Elaine has developed
extensive experience in the range of skills required of a high caliber CFO and
we look forward to her assumption of primary responsibility for the finance
function. Elaine will continue to report to Neil McConachie, Group President,
and her appointment allows Neil to concentrate more on his existing role as
President, in particular the co-ordination of group-wide operations."
*The Company's Bye-laws currently require that the Chief Financial Officer of
the Company should also be a Director. A proposal to amend the Bye-laws to
allow for the appointment of a Chief Financial Officer who is not also a
Director will be put to the shareholders at a Special General Meeting to be
held before the end of 2010.
For further information, please contact:
Lancashire Holdings Limited +1 441 505 8953
Greg Lunn greg.lunn@lancashiregroup.com
Jonny Creagh-Coen +44 (0)20 7264 4066
jonny.creagh-coen@lancashiregroup.com
Haggie Financial +44 (0)20 7417 8989
Peter Rigby (Peter Rigby mobile 07803851426)
Charlotte Ens
About Lancashire
Lancashire, through its UK and Bermuda-based insurance subsidiaries, is a
global provider of specialty insurance products. The Group companies carry the
following ratings:
Financial Long Term Outlook
Strength Issuer
Rating (1) Rating (2)
A.M. Best A- BBB- Positive
Standard & Poor's A- BBB Stable
Moody's A3 Baa2 Stable
(1)Financial Strength Rating applies to Lancashire Insurance Company Limited
and Lancashire Insurance Company (UK) Limited
(2) Long Term Issuer Rating applies to Lancashire Holdings Limited
Lancashire has capital in excess of $1 billion and its Common Shares trade on
the main market of the London Stock Exchange under the ticker symbol LRE.
Lancashire is headquartered at Power House, 7 Par-la-Ville Road, Hamilton HM
11, Bermuda. The mailing address is Lancashire Holdings Limited, P.O. Box HM
2358, Hamilton HM HX, Bermuda. For more information on Lancashire, visit the
Company's website at www.lancashiregroup.com
Lancashire Insurance Company (UK) Limited is regulated by the Financial
Services Authority in the UK.
Lancashire Marketing Services (Middle East) Limited is authorised and regulated
by the Dubai Financial Services Authority.
Lancashire Insurance Company Limited is regulated by the Bermuda Monetary
Authority in Bermuda.
NOTE REGARDING FORWARD-LOOKING STATEMENTS:
CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELED LOSS
SCENARIOS) MADE 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',
'WILL', 'SEEKS', 'SHOULD', OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE
TERMINOLOGY. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACTS
INCLUDING, WITHOUT LIMITATION, THOSE REGARDING THE GROUP'S FINANCIAL POSITION,
RESULTS OF OPERATIONS, LIQUIDITY, PROSPECTS, GROWTH, CAPITAL MANAGEMENT PLANS,
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 NUMBER AND TYPE OF INSURANCE
AND REINSURANCE CONTRACTS THAT WE WRITE; THE PREMIUM RATES AVAILABLE AT THE
TIME OF SUCH RENEWALS WITHIN OUR TARGETED BUSINESS LINES; THE LOW FREQUENCY OF
LARGE EVENTS; UNUSUAL LOSS FREQUENCY; THE IMPACT THAT OUR FUTURE OPERATING
RESULTS, CAPITAL POSITION AND RATING AGENCY AND OTHER CONSIDERATIONS HAVE ON
THE EXECUTION OF ANY CAPITAL MANAGEMENT INITIATIVES; THE POSSIBILITY OF GREATER
FREQUENCY OR SEVERITY OF CLAIMS AND LOSS ACTIVITY THAN OUR UNDERWRITING,
RESERVING OR INVESTMENT PRACTICES HAVE ANTICIPATED; THE RELIABILITY OF, AND
CHANGES IN ASSUMPTIONS TO, CATASTROPHE PRICING, ACCUMULATION AND ESTIMATED LOSS
MODELS; LOSS OF KEY PERSONNEL; A DECLINE IN OUR OPERATING SUBSIDIARIES' RATING
WITH A.M. BEST COMPANY AND/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
CREATED BY THE FINANCIAL MARKETS; A RATING DOWNGRADE OF, OR A MARKET DECLINE
IN, SECURITIES IN OUR INVESTMENT PORTFOLIO; CHANGES IN GOVERNMENTAL REGULATIONS
OR TAX LAWS IN JURISDICTIONS WHERE LANCASHIRE CONDUCTS BUSINESS; LANCASHIRE OR
ITS BERMUDIAN SUBSIDIARY BECOMING SUBJECT TO INCOME TAXES IN THE UNITED STATES
OR THE UNITED KINGDOM; AND THE EFFECTIVENESS OF OUR LOSS LIMITATION METHODS.
ANY ESTIMATES RELATING TO LOSS EVENTS INVOLVE THE EXERCISE OF CONSIDERABLE
JUDGEMENT AND REFLECT A COMBINATION OF GROUND-UP EVALUATIONS, INFORMATION
AVAILABLE TO DATE FROM BROKERS AND INSUREDS, MARKET INTELLIGENCE, INITIAL AND/
OR TENTATIVE LOSS REPORTS AND OTHER SOURCES. JUDGEMENTS IN RELATION TO LOSS
ARISING FROM NATURAL CATASTROPHE AND MAN MADE EVENTS INVOLVE COMPLEX FACTORS
POTENTIALLY CONTRIBUTING TO THESE TYPES OF LOSS, AND WE CAUTION AS TO THE
PRELIMINARY NATURE OF THE INFORMATION USED TO PREPARE ANY SUCH ESTIMATES.
THESE FORWARD-LOOKING STATEMENTS 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 STATEMENTS TO REFLECT ANY CHANGES IN THE
GROUP'S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED.
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