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LANCASHIRE HOLDINGS LIMITED - Planned Changes to the LHL Board
Hamilton, Bermuda – 11 February, 2014 – Lancashire Holdings Limited (“Lancashire” or “the Company”; Ticker: LHL BH) has announced that Neil McConachie will retire from the Lancashire board following the 2014 AGM on 30 April 2014.
Neil McConachie first joined the Lancashire board on 7 December 2005, and during his period of employment with Lancashire served as President and CFO. At the end of June 2012 Neil stepped down as an executive of the Company and was invited to continue to serve the Company as a non-executive director. In that capacity Neil has been considered by the board not to be independent for formal governance purposes.
Martin Thomas, Lancashire’s Chairman, said;
“2014 will be a year of change and development for the board. In keeping with the requirement for ensuring independence of mind and relevance of skills, we have initiated a plan for refreshing the board. As we have previously announced, we say goodbye at the 2014 AGM to Ralf Oelssner and John Bishop, who are rotating off the board after 8 and 6 years valuable service respectively. I have now agreed with Neil McConachie that, given his length of service as both employee and director, he too will step down at the same time. This will help preserve the right balance between independent and non-independent directors. I would like to thank Neil for his long years as a valued colleague and I wish him well for the future.”
Richard Brindle, Lancashire’s Chief Executive, said:
“Neil has contributed enormously to the success of Lancashire since its foundation in 2005. Both personally and on behalf of all of us at Lancashire, I’d like to thank to Neil for his work over many years for the Group."
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
Haggie Partners +44 20 7562 4444
Peter Rigby (Peter Rigby mobile +44 7803851426)