18/03/2009 The London Stock Exchange is delighted to welcome Lancashire Holdings Limited to the Main Market.
Lancashire Holdings Limited, a global provider of specialty insurance products operating in Bermuda, London and Dubai, listed today on the Main Market with a market value of over £800 million, making it the largest company to list so far this year.
Lancashire was formed in October 2005 and its common shares were admitted to trading on AIM in December 2005. Since then the Group has both grown and matured as an insurance underwriter and the move to the Main Market is considered appropriate for the next stage of the Group’s development.
The Lancashire Group focuses on short-tail, mostly on a direct basis, specialty insurance risks under the four general categories: property, energy, marine and aviation.
Martin Thomas, Chairman of Lancashire, made the following comment concerning current trading conditions:
“It remains unclear to what extent the insurance industry has been reshaped by the erosion of capital caused by the 2008 hurricane and investment losses. In the short term there has been a significant estimated reduction in capacity and a hardening in rates across most lines of business the Group writes. We are optimistic that 2009 will be a good year of trading for the Group."
Commenting on the move to the Main Market, Richard Brindle, Chief Executive Officer said:
“We are delighted to move up to the Main Market of the London Stock Exchange. For Lancashire it is a milestone and testament to the hard work of the whole team in building the business over the past three years.”
Merrill Lynch International acted as sole sponsor for the move from AIM to the Official List.