13 May 2022
Lancashire Holdings Limited (the “Company” or
“Lancashire”) today announces that, further to the
announcement made in the Company’s Q1 2022 Trading Statement dated
28 April 2022, it will commence a
share repurchase programme of its common shares of US$0.50 each (the “Shares”) up to a
maximum consideration of US$18,777,000 (the “Aggregate Purchase
Price”) (the “Programme”).
Lancashire announces that it has entered into an instruction to
Morgan Stanley & Co. International Plc (“Morgan
Stanley”) in relation to the purchase by Morgan Stanley,
acting as riskless principal during the period commencing on
16 May 2022 and ending no later than
24 June 2022, of up to 3,000,000
Shares for an aggregate amount of no greater than the Aggregate
Purchase Price and the simultaneous on-sale of such Shares by
Morgan Stanley to Lancashire.
Any purchase of Shares in relation to this announcement will be
executed in accordance with the relevant regulations (including but
not limited to the Listing Rules) and Lancashire’s general
authority, as granted by shareholders at Lancashire’s AGM held on
the 27 April 2022, to make market
purchases of Shares. Lancashire will announce any market repurchase
of Shares no later than 7.30 a.m. on
the business day following the calendar day on which the repurchase
occurred. Shares purchased under the Programme will be used to
satisfy a number of future exercises of awards under the Company’s
Restricted Share Scheme.
This announcement does not constitute,
or form part of, an offer or any solicitation of an offer for
securities in any jurisdiction.
See further the “Note Regarding Forward-Looking Statements”
For further information, please contact:
+44 20 7264 4145
||+44 20 7264 4066
||+44 20 37271046
Lancashire, through its UK and Bermuda-based operating subsidiaries, is a
provider of global specialty insurance and reinsurance
(1) Financial Strength Rating and Financial Strength
Outlook apply to Lancashire Insurance Company Limited and
Lancashire Insurance Company (UK) Limited.
(2) Long Term Issuer Rating applies to Lancashire Holdings
Lancashire Syndicates Limited benefits from Lloyd’s ratings:
A.M. Best: A (Excellent); S&P Global
Ratings: A+ (Strong); and Fitch: AA- (Very Strong).
Lancashire has capital of approximately $1.8 billion and its 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
The Bermuda Monetary Authority (“BMA”) is the Group Supervisor
of the Lancashire Group.
For more information, please visit Lancashire’s website at
The information was submitted for publication, through the
agency of the contact persons set out above, at 10.15 BST on
13 May 2022.
NOTE REGARDING FORWARD-LOOKING
CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE
MODELLED 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”, “AIMS”, “PLANS”, “PROJECTS”,
“FORECASTS”, “GUIDANCE”, “INTENDS”, “EXPECTS”, “ESTIMATES”,
“PREDICTS”, “MAY”, “CAN”, “LIKELY”, “WILL”, “SEEKS”, “SHOULD”, OR,
IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY.
ALL FORWARD-LOOKING STATEMENTS IN THIS RELEASE 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
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.