AM Best announces A- rating
Lancashire Holdings Limited
16 December 2005
Lancashire Holdings Limited
For publication in the United Kingdom and Bermuda only. Not for release,
publication or distribution in the United States of America, Australia, Canada,
South Africa, the Republic of Ireland or Japan
Hamilton, Bermuda 16 December, 2005
A.M. BEST ANNOUNCES A- (EXCELLENT) RATING
UNDERWRITING OPERATIONS COMMENCE
Lancashire Holdings Limited (the 'Company') is delighted to announce that today,
A.M. Best Company, Inc. announced a Financial Strength Rating of A- (Excellent)
for Lancashire Insurance Company Limited ('Lancashire').
With such rating, Lancashire is now able to commence underwriting business in
Bermuda with immediate effect. Lancashire intends to focus on non marine
property catastrophe retrocession and marine and energy excess of loss
reinsurance in particular for the forthcoming 1 January renewal season. In the
insurance classes, Lancashire will concentrate on the offshore and onshore
energy, property direct and facultative, property terrorism, marine (hull, total
loss and war) and aviation terrorism classes.
The Company's ticker is LRE.
Contacts:
Merrill Lynch
Rupert Hume-Kendall +44 (0)207 628 1000
Simon Fraser
Matthew Thomson
Benfield Advisory
Tristan McDonald +44 (0)207 578 7000
Ross Milburn
Kinmont
Gavin Kelly +44 (0)207 493 8488
John O'Malley
Financial Dynamics
Robert Bailhache +44 (0)207 269 7200
Dominick Peasley
Merrill Lynch, JPMorgan Cazenove, Fox-Pitt, Kelton, Teather & Greenwood,
Benfield Advisory and Kinmont, each of which is authorised and regulated in the
UK by the Financial Services Authority, each acted for the Company and no-one
else in connection with the placing of common shares (the 'Placing') and
Admission and will not be responsible to anyone other than the Company for
providing the protections afforded to their respective clients or for providing
advice in relation to the Placing and Admission, this announcement or any other
matter. Merrill Lynch's responsibilities as the nominated adviser to the Company
are owed solely to the London Stock Exchange and are not owed to the Company or
to any Director or to any other person, whether in respect of any decision to
acquire common shares, in relation to any part of this announcement or
otherwise.
In connection with the Placing, no common shares of the Company were marketed to
or were made available for purchase by the public in the United Kingdom, Bermuda
or elsewhere.
The release, publication or distribution of this announcement in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this announcement is released, published or distributed
should inform themselves about and observe such restrictions.
No offer, invitation or inducement to acquire common shares or other securities
in the Company or any other company is being made by this announcement.
This announcement is not an invitation nor is it intended to be an inducement to
engage in investment activity for the purpose of Section 21 of the Financial
Services and Markets Act 2000 ('FSMA'). The Company's common shares were in any
event placed only with (i) persons who have professional experience in matters
relating to investments and who are investment professionals within the meaning
of Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 of the United Kingdom (the 'Financial Promotion Order') or
(ii) persons who fall within Article 49(2)(a) to (d) ('high net worth companies,
unincorporated associations etc.') of the Financial Promotion Order (all such
persons together being referred to as 'relevant persons'). Any investment or
investment activity to which this announcement relates is available only to
relevant persons in the United Kingdom and will be engaged in only with relevant
persons. Anyone other than a relevant person must not rely on this announcement.
The contents of this announcement, which have been prepared by and are the sole
responsibility of Lancashire Holdings Limited, have been approved by Merrill
Lynch International of Merrill Lynch Financial Centre, 2 King Edward Street,
London EC1A 1HQ, solely for the purposes of section 21(2)(b) of FSMA.
THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION INTO THE
UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, THE REPUBLIC OF IRELAND OR
JAPAN. NEITHER THIS ANNOUNCEMENT NOR ANY COPY OF IT MAY BE TAKEN OR DISTRIBUTED
OR PUBLISHED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA,
SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN OR DISTRIBUTED TO U.S. PERSONS.
THE MATERIAL SET FORTH HEREIN IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT
INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER OF SECURITIES FOR SALE INTO
THE UNITED STATES OR ANY OTHER JURISDICTION. SECURITIES MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED OR AN APPLICABLE EXEMPTION FROM REGISTRATION. THE SECURITIES OF
THE COMPANY DESCRIBED HEREIN HAVE NOT BEEN AND WILL NOT BE SO REGISTERED. THERE
WILL BE NO PUBLIC OFFER OF SECURITIES IN THE UNITED STATES, AUSTRALIA, CANADA,
OR JAPAN OR ANY OTHER JURISDICTION.
Stabilisation / FSA
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