Statement Re Renewable Energy Excess Cover
Lancashire Holdings Limited
8th October 2009
Hamilton, Bermuda
Lancashire Group to Write Renewable Energy Excess Cover
Lancashire Holdings Limited ("Lancashire") today announces that it has
established a co-venture with GCube, a leading underwriting agency in the
renewable energy market. Under this new endeavour Lancashire has agreed to
offer excess catastrophe cover on renewable energy risks brought to it by
GCube.
In order to meet increasing global demand, more and more renewable energy
projects are being planned, often in natural catastrophe zones. With the
support of additional excess catastrophe cover there is a greater chance that
the renewable energy industry will meet many of the global targets that have
been set for 2020.
Richard Brindle, the Group Chief Executive Officer, commented: "By expanding
our portfolio into renewable energy, we are diversifying into a new area that
fits our existing business strategy of writing short-tail specialty property
risks. At the same time, the Lancashire Group has a commitment to supporting
projects that reduce carbon emissions. With governments around the world
announcing increasingly ambitious targets for providing energy from renewable
sources, the business in this sector can only grow over the coming years.
GCube, by operating only in the renewable energy sector, provides a level of
expertise that others find hard to match. This makes them an excellent partner
for us."
Fraser McLachlan, Chief Executive of GCube, added: "By partnering with
Lancashire, we have been able to join up with a specialised and knowledgeable
insurer to bring much needed extra capacity to support the renewable energy
industry. We look forward to working with Lancashire on this exciting new
opportunity and in other areas of our business."
- Ends -
For further information, please contact:
Lancashire Holdings
Jonny Creagh-Coen +44 (0) 20 7264 4066
Greg Lunn +1 441 278 8953
Haggie Financial +44 (0) 20 7417 8989
Peter Rigby
Henny Breakwell
GCube +44 (0) 20 7977 0200
Fraser McLachlan
About Lancashire
Lancashire, through its UK and Bermuda-based insurance subsidiaries, is a
global provider of specialty insurance products. Its insurance subsidiaries
carry the Lancashire group rating of A minus (Excellent) from A.M. Best with a
stable outlook. Lancashire has capital in excess of $1 billion dollars and its
Common Shares trade on the main market of the London Stock Exchange under the
ticker symbol LRE. Lancashire is headquartered at Mintflower Place, 8
Par-La-Ville Road, Hamilton HM 08, 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.
About GCube
GCube provides comprehensive insurance services for the renewable energy
initiatives. With its offices on both sides of the Atlantic the business has
global insurance capabilities in six renewable energy sectors - wind power,
biofuels, hydroelectric power, solar power, wave energy and tidal energy.
Specialist cover includes transit, construction and operational risks, right
through to business interruption and general liability.
www.gcube-insurance.com
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 AND CREDIT CRISIS; 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 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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