Bermuda -- (MARKET WIRE) -- November 28, 2006 --
Lancashire Holdings Limited
Hamilton, Bermuda, 28th November 2006
LANCASHIRE MIDDLE EAST MARKETING SUBSIDIARY
Lancashire Holdings Limited ("Lancashire" or "the Company") today announced that
it intends to incorporate a subsidiary in the Dubai International Financial
Centre ("DIFC") and submit an application to the Dubai Financial Services
Authority ("DFSA") seeking status for the new subsidiary as an authorised
insurance intermediation firm.
The new company will allow Lancashire to market its UK and Bermuda-based
insurance subsidiaries more effectively and efficiently in the region.
Richard Brindle, Chief Executive Officer, commented:
"This application demonstrates our commitment to building the Lancashire brand.
In the short term we do not anticipate any change to our existing forecasts. In
the longer term having a presence in the Middle East will allow the Lancashire
Group to grow a solid book of business that will complement our existing
underwriting. Using the DIFC as our marketing centre to source the business,
we intend to write non-catastrophe exposed engineering risks in the region and
other lines such as energy. We have chosen the DIFC because it is the regional
domicile of choice."
The application is subject to DFSA and DIFCA approval.
For further information, please contact:
Lancashire Holdings +1 441 278 8950
Greg Lunn
Financial Dynamics +44 20 7269 7200
Rob Bailhache
Nick Henderson
About Lancashire
Lancashire, through its UK and Bermuda-based insurance subsidiaries, is a global
provider of specialty insurance products. Its insurance subsidiaries carry the
Lancashire group rating of A minus (Excellent) from A.M. Best with a stable
outlook. Lancashire has capital in excess of $1 billion dollars and its Common
Shares trade on AIM under the ticker symbol LRE. Lancashire is headquartered
at Mintflower Place, 8 Par-La-Ville Road, Hamilton HM 08, 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.lancashire.bm.
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', '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 FINANCIAL POSITION, RESULTS OF OPERATIONS, LIQUIDITY,
PROSPECTS, GROWTH, 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 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