Last checked at 8 Nov 2010 07:00
Lancashire Holdings Limited 8 November 2010Hamilton, 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 LancashireLancashire, through its UK and Bermuda-based insurance subsidiaries, is aglobal provider of specialty insurance products. The Group companies carry thefollowing 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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