LUK FSA Authorisation
Lancashire Holdings Limited
08 September 2006
Lancashire Holdings Limited
Hamilton, Bermuda, 8 September 2006
LANCASHIRE INSURANCE COMPANY (UK) LIMITED
RECEIVES FSA AUTHORISATION
Lancashire Holdings Limited ('Lancashire' or 'the Company') today announced that
Lancashire Insurance Company (UK) Limited ('LUK') has obtained authorization
from the UK Financial Services Authority ('FSA') to commence underwriting.
LUK is authorised to write the same lines of insurance business that are
currently written by Lancashire Insurance Company Limited ('LICL'), the
Company's Bermuda Class 4 insurance subsidiary. To date, LICL has written
business, mostly on a direct basis, in four lines: property, energy, marine and
aviation.
LUK is capitalised at £60 million (approximately US$113 million). LUK has also
entered into a quota share agreement with LICL for a whole account cession of a
percentage of risks written in the UK.
A.M. Best has assigned an A- (Excellent) rating to LUK.
Richard Brindle, Chief Executive Officer and Chief Underwriting Officer,
commented:
'We are very excited about the authorisation of our London underwriting
operation. Lancashire UK is an accretive, organic addition to our existing
operation and one which will greatly increase the flexibility of our operations
and afford us access to a wider pool of high quality risks. We expect to see the
benefits of this almost immediately when we commence underwriting, and we look
forward to capitalising on these benefits as we move into 2007 and beyond.'
For further information, please contact:
Lancashire Holdings +1 441 278 8950
Neil McConachie
Greg Lunn
Financial Dynamics +44 20 7269 7200
Rob Bailhache
Nick Henderson
www.lancashire.bm
About Lancashire
Lancashire was established in 2005 as a new insurance and reinsurance business
to take advantage of the favourable underwriting conditions expected to arise
from the large insured losses incurred in 2004 and 2005. The Company has an A.M.
Best rating of A- (Excellent) with a stable outlook.
Lancashire was admitted to AIM on 16 December 2005 following an Offer of Common
Shares to investors. The Common Shares trade on AIM under the ticker symbol LRE.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
CERTAIN STATEMENTS MADE IN THIS ANNOUNCEMENT THAT ARE NOT BASED ON CURRENT OR
HISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMITATION,
STATEMENTS CONTAINING WORDS 'BELIEVES', 'ANTICIPATES', 'PLANS', 'PROJECTS',
'INTENDS', 'EXPECTS', 'LIKELY, 'ESTIMATES', 'PREDICTS', 'MAY', '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 PROSPECTS, GROWTH, BUSINESS STRATEGY,
AND PLANS AND OBJECTIVES RELATING TO THE GROUP'S INSURANCE BUSINESSES AND
PLATFORMS ARE FORWARD-LOOKING STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS
INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES, REGULATORY AND RATING AGENCY
CONDITIONS AND OTHER IMPORTANT FACTORS, SOME OF WHICH ARE OUTSIDE OF THE GROUP'S
CONTROL, 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
FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS ANNOUNCEMENT OR
OTHER INFORMATION CONCERNED. LANCASHIRE HOLDINGS LIMITED EXPRESSLY DISCLAIMS ANY
OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR
REGULATORY OBLIGATIONS, INCLUDING THE AIM RULES) TO DISSEMINATE ANY UPDATES OR
REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY
CHANGES IN THE GROUP'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS,
CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED.
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 3 hours ago Luceco
- 3 hours ago Helios Towers
- 3 hours ago Wise Class A
- 3 hours ago EDX Medical Group Plc
- 4 hours ago Naked Wines