Lancashire Holdings Regulatory News (LRE)

LANCASHIRE HOLDINGS LIMITED

9th November 2023

Hamilton, Bermuda

Lancashire Holdings Limited (“Lancashire”/“LHL”) - Non-Executive Director Appointment and Lancashire Board Chair Succession Planning

Lancashire announces the appointment of Philip Broadley as a Non-Executive Director of LHL with effect from 8 November 2023. Mr Broadley has also been appointed as the LHL Chair designate, and Lancashire expects his appointment as Chair to take effect immediately following Lancashire’s 2024 AGM to be held on 1 May 2024 (“the 2024 AGM”), subject to shareholder approval.

Peter Clarke, who has served as Chair of Lancashire since 2016, has recently completed nine years’ service as a Director on the Lancashire Board. In accordance with recommended governance practice, Peter Clarke will therefore step down from his roles as Chair and Non-Executive Director following the 2024 AGM.

Mr. Broadley is Senior Independent Director and Audit Committee Chair at AstraZeneca PLC and a Non-Executive Director of Legal & General Group Plc and is expected to continue in those roles. Mr. Broadley began his career at Arthur Andersen in 1983, becoming a partner in 1993, where he specialised in auditing banks and insurance companies. Mr. Broadley was Group Finance Director at both Prudential plc from 2000 and at Old Mutual plc from 2008 until 2014. He has served as Chair of the 100 Group of Finance Directors and as a member of the Code Committee of The Takeover Panel. He chaired the Group Audit Committee of Legal & General for six years. He is Treasurer of the London Library and Chair of the Board of Governors at Eastbourne College.

The search for a Chair successor was led by Robert Lusardi, Lancashire’s Senior Independent Director. The appointment process was conducted through Lancashire’s Nomination Corporate Governance and Sustainability Committee and approved by the LHL Board.

Peter Clarke said:

“I am delighted to welcome Philip to the Lancashire Group. Philip will bring a wealth of strategic and leadership skills to our Board. He joins Lancashire at an exciting time, with great opportunities for profitable growth ahead. I look forward to working closely with Philip and Alex in planning the transition in the Chair role over the coming months.” 

Alex Maloney, Lancashire Group Chief Executive Officer, said:

“We are delighted to announce Philip’s appointment as a Non-Executive Director, and to welcome him to the Lancashire Group. Philip’s extensive financial services and insurance experience will add great value to our Board, and I look forward to working with him in his role as Chair in due course.”

Philip Broadley said:

“Lancashire is in a period of robust growth in a strong market environment. I join a business which is in very good hands. I am extremely pleased to accept my appointment to the Board. I look forward to working with Alex and all my colleagues at Lancashire and to leading the LHL Board as Chair following the 2024 AGM.”

Lancashire has been notified that there are no further details required to be disclosed with respect to the above, pursuant to paragraph 9.6.13R of the Listing Rules.

For further information, please contact:

About Lancashire

Lancashire, through its UK and Bermuda-based operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

Lancashire’s common shares trade on the premium segment of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The Bermuda Monetary Authority is the Group Supervisor of the Lancashire Group.

For more information, please visit Lancashire’s website at www.lancashiregroup.com .

This release contains information which may be of a price sensitive nature that Lancashire is making public in a manner consistent with the UK Market Abuse Regulation and other regulatory obligations. The information was submitted for publication, through the agency of the contact persons set out above, at 07:05 GMT on 9 November 2023.

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

ALL FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE 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 STATEMENT TO REFLECT ANY CHANGES IN THE GROUP’S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.