Lancashire Hld Ltd LRE Appointment of CRO

  Lancashire Hld Ltd (LRE) - Appointment of CRO

RNS Number : 6043Q
Lancashire Holdings Limited
08 November 2012




                         LANCASHIRE HOLDINGS LIMITED



8 November 2012

London, UK



                      Appointment of Chief Risk Officer

                                      

Lancashire Holdings Limited("Lancashire or the Company") today announced that
Mike Pearson has decided to relinquish his role as Chief Risk Officer for the
Company and will be leaving Lancashire with effect from 28 February 2013. The
Company has appointed Charles Mathias as Chief Risk Officer, subject to the
relevant regulatory approval. Charles' role will encompass responsibility for
the enterprise risk management activities of the Group and its main operating
subsidiary companies, Lancashire Insurance Company Limited and Lancashire
Insurance Company (UK) Limited.



Charles has been with Lancashire since it was founded in 2005 and has over 28
years experience in underwriting and insurance broking including significant
management responsibilities in the London, Bermuda, US and Latin American
insurance markets. As the Group Underwriting Operations Director from 2006
until 2012, Charles was responsible for the design, implementation and
continued development of the underwriting systems and procedures for
Lancashire. As Lancashire Insurance Company Limited's Chief Underwriting
Officer until late 2011, he has been involved in the underwriting of every
line of business of Lancashire. He is currently a member of the Risk and
Reward Committee ("RRC") and the Company's Underwriting and Underwriting Risk
Committee.



Richard Brindle, Group Chief Executive Officer commented:- 



"We are sorry that Mike has decided to leave and would like to thank him for
his significant contribution to the development of Lancashire's Internal Audit
and ERM capabilities. We are delighted that Charles has agreed to succeed Mike
in this key position, Charles' broad experience of international insurance
markets and understanding of insurance risks, allied with his extensive
involvement in developing systems and procedures, provides him significant
insight and expertise in all areas of risk. A combination of this experience
and Charles' independence of mind suit him well for the Chief Risk Officer
role. " 

                                      



For further information, please contact:

Lancashire Holdings Limited 

Christopher Head            +44 20 7264 4145

                            chris.head@lancashiregroup.com

                            

                            
Jonny Creagh-Coen           +44 20 7264 4066

                           jcc@lancashiregroup.com
Haggie Financial            +44 20 7417 8989
Peter Rigby                 (Peter Rigby mobile +44 7803851426)



About Lancashire



Lancashire, through its UK and Bermuda-based operating subsidiaries, is a
global provider of specialty insurance and reinsurance products. The Group
companies carry the following ratings:



                  Financial Strength Long Term Issuer

                  Rating ^(1)        Rating ^(2)      Outlook
A.M. Best         A                  bbb           Stable
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 has its corporate headquarters and mailing address at Level 11,
Vitro, 60 Fenchurch Street, London EC3M 4AD, United Kingdom and its registered
office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

For more information on Lancashire, visit the Company's website at
www.lancashiregroup.com





Lancashire Insurance Company Limited is regulated by the Bermuda Monetary
Authority in Bermuda.

Lancashire Insurance Company (UK) Limited is regulated by the Financial
Services Authority in the UK.





NOTE REGARDING FORWARD-LOOKING STATEMENTS:





CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELED LOSS
SCENARIOS) MADE IN THIS RELEASE OR OTHERWISE 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; THE EFFECTIVENESS OF OUR LOSS
LIMITATION METHODS; LOSS OF KEY PERSONNEL; A DECLINE IN OUR OPERATING
SUBSIDIARIES' RATING WITH A.M. BEST, STANDARD & POOR'S, MOODY'S 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 FOR ISSUERS OF FIXED INCOME
INVESTMENTS; THE IMPACT OF SWINGS IN MARKET INTEREST RATES AND SECURITIES
PRICES; 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 HOLDINGS LIMITED
OR ITS BERMUDIAN SUBSIDIARY BECOMING SUBJECT TO INCOME TAXES IN THE UNITED
STATES OR THE BERMUDIAN SUBSIDIARY BECOMING SUBJECT TO INCOME TAXES IN THE
UNITED KINGDOM; THE UK TEMPORARY PERIOD EXEMPTION UNDER THE CFC REGIME FAILING
TO REMAIN IN FORCE FOR THE PERIOD INTENDED; THE OMISSION FROM THE NEW CFC
REGIME OF A SUITABLE EXCLUSION (E.G. RELATING TO INSURANCE OR REINSURANCE OF
THIRD PARTY RISKS WRITTEN IN THE INTERNATIONAL INSURANCE MARKET); ANY CHANGE
IN THE UK GOVERNMENT OR THE UK GOVERNMENT POLICY WHICH IMPACTS THE NEW CFC
REGIME.



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.





                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


BOABIBDBLSGBGDR -0- Nov/08/2012 07:01 GMT
 
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