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Lancashire Holdings Ltd – Chilean Earthquake Update
Hamilton, Bermuda – 24 March, 2010 - Lancashire Holdings Limited (“Lancashire” or “the Company”) (Ticker: LHL BH) announced that it estimates its net losses before tax from the earthquake in Chile and subsequent aftershocks range from approximately US$65 million to US$125 million including the sum of gross claims and claims expenses, reinsurance recoveries and reinstatement premiums.
Lancashire has exposure to risks in Chile in the following classes: property retrocession, property direct and facultative, property catastrophe, marine and onshore energy.
Loss information after a severe earthquake can take longer to obtain than for other events, particularly in the property retrocession portfolio which accounts for the majority of Lancashire’s exposure. Lancashire’s estimate is based on a market loss of US$6 billion to US$10 billion and the best available information obtained to date from its client base. As additional information emerges Lancashire’s actual ultimate net loss from the Chile earthquake may vary materially from this preliminary estimate.
Lancashire does not believe it has any material exposure to losses caused by European windstorm Xynthia, or to losses from any other major catastrophe events that have occurred so far in the first quarter of 2010.
Lancashire expects to recommence its previously announced share repurchase programme, in accordance with its stated intention of managing capital to enhance shareholder return.
For further information, please contact:
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Lancashire Holdings |
+ 44 (0)20 7264 4066 |
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Jonny Creagh-Coen or |
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Haggie Financial |
+44 (0)20 7417 8989 |
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Peter Rigby or Henny Breakwell |
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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 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.