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Lancashire Holdings Ltd – Superstorm Sandy Loss Estimate
Hamilton, Bermuda – 20 December, 2012 – Lancashire Holdings Limited (“Lancashire” or “the Company”; Ticker: LHL BH) today announces that it estimates the net impact on its fourth quarter financial results from Sandy is likely to be in a range of between $40 million and $60 million. This preliminary loss estimate has been derived from a combination of market data and assumptions, provisional loss advices, limited client loss data and modelled loss projections. The estimate accounts for potential reinsurance recoveries and reinstatement premiums, but does not presently include any benefit from industry loss warranties that the Company has in place. The Company has $40 million of industry loss warranty cover, attaching at an insured market loss of $20 billion as reported by Property Claims Services.
This initial estimate involves the exercise of considerable judgment. Given the limited and preliminary nature of the data available, there is substantial uncertainty associated with the loss estimate, which therefore may be subject to revision. Claims remain subject to adjustment. As additional information emerges, the Company’s actual ultimate loss may vary, perhaps materially, from today’s estimate.
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)
Investor enquiries and questions can also be directed to info@lancashiregroup.com or by accessing the Group’s website at www.lancashiregroup.com.