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LANCASHIRE HOLDINGS LIMITED ANNOUNCES US$200 MILLION CREDIT FACILITY
Hamilton, Bermuda – 26 April, 2010 - Lancashire Holdings Limited (“Lancashire” or “the Company”) (Ticker: LHL BH) announced that it and its wholly owned subsidiary Lancashire Insurance Company Limited have entered into a US$200 million bi-lateral two year letter of credit facility (the “Facility”) with LloydsTSB Bank PLC (“LloydsTSB”).
The letters of credit will be used to support obligations under reinsurance liabilities of Lancashire Insurance Company Limited.
Denise O’Donoghue, Corporate Finance Officer, commented "We are very pleased to have the support of LloydsTSB, a leading financial institution, for the Lancashire group. This facility boosts the long-term financial flexibility and strength we have committed to our clients.”
Richard Askey, Lloyds TSB Corporate Markets, added: “We are delighted to work with Lancashire on this transaction and provide a financing structure to support the Group. We very much look forward to building on this relationship with them going forward.”
The Facility was arranged by Lloyds TSB as Sole Lead Arranger and Sole Book Manager. Lloyds is also the Administrative Agent and L/C Administrator.
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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