LANCASHIRE
HOLDINGS LIMITED
23 September 2019
Hamilton, Bermuda
Notice of Q3 2019
Trading Statement and Conference Call
Lancashire Holdings Limited (“Lancashire” or “the Company”) will
be releasing its 2019 third quarter trading statement at
7:00am UK time on Thursday
7 November 2019 and hosting an
analyst and investor conference call at 1:00pm UK time / 8:00am
EST on Thursday 7 November
2019. The conference call will be hosted by Lancashire
management.
Participant Access:
Dial in 5-10 minutes prior to the start time using the number /
confirmation code below:
United Kingdom Toll-Free: 08003589473
United Kingdom Toll: +44 3333000804
United States Toll-Free: +1 855 85 70686
United States Toll: +1 6319131422
PIN code: 18830240#
URL for additional international dial in numbers:
https://events.arkadin.com/ev/docs/NE_W2_TF_Events_International_Access_List.pdf
The call can also be accessed via webcast, for registration and
access:
https://event.on24.com/wcc/r/2093472/6E4A4119C023E48996A429E6B490D59D
A webcast replay facility will be available for 12 months and
accessible at:
https://www.lancashiregroup.com/en/investors/results-reports-and-presentations.html
For further information, please contact:
Lancashire Holdings
Limited
Christopher Head |
+44 20 7264 4145
chris.head@lancashiregroup.com |
Jelena Bjelanovic |
+44 20 7264 4066
jelena.bjelanovic@lancashiregroup.com |
FTI Consulting |
+44 20 37271046 |
Edward Berry |
Edward.Berry@FTIConsulting.com |
Tom Blackwell |
Tom.Blackwell@FTIConsulting.com |
About Lancashire
Lancashire, through its UK and Bermuda-based operating subsidiaries, is a
provider of global specialty insurance and reinsurance products.
The Group companies carry the following ratings:
|
Financial
Strength
Rating (1) |
Financial Strength
Outlook (1) |
Long
Term
Issuer
Rating (2) |
A.M. Best |
A (Excellent) |
Stable |
bbb+ |
S&P Global
Ratings |
A- |
Stable |
BBB |
Moody’s |
A3 |
Stable |
Baa2 |
(1) Financial Strength Rating and Financial Strength
Outlook apply to Lancashire Insurance Company Limited and
Lancashire Insurance Company (UK) Limited.
(2) Long Term Issuer Rating applies to Lancashire Holdings
Limited.
Cathedral benefits from Lloyd’s ratings: A.M. Best: A
(Excellent); S&P Global Ratings: A+ (Strong); and Fitch: AA-
(Very Strong).
Lancashire has capital of approximately $1.4 billion and its common shares trade on the
premium segment of the Main Market of the London Stock Exchange
under the ticker symbol LRE. Lancashire has its head office and
registered office at Power House, 7 Par-la-Ville Road, Hamilton HM
11, Bermuda.
For more information, please visit Lancashire’s website at
www.lancashiregroup.com.
The Bermuda Monetary Authority (“BMA”) is the Group Supervisor
of the Lancashire Group with effect from 1
January 2019.
Lancashire Insurance Company Limited is regulated by the BMA,
with its registered office at Power House, 7 Par-la-Ville Road,
Hamilton HM 11, Bermuda.
Lancashire Insurance Company (UK) Limited is authorised by the
Prudential Regulation Authority (“PRA”) and regulated by the
Financial Conduct Authority (“FCA”) and the PRA, with its
registered office at Level 29, 20 Fenchurch Street, London EC3M 3BY, United Kingdom.
Cathedral Underwriting Limited is authorised by the PRA and
regulated by the FCA and the PRA. It is also authorised and
regulated by Lloyd’s, with its registered office at Level 29, 20
Fenchurch Street, London EC3M 3BY,
United Kingdom.
Kinesis Capital Management Limited is regulated by the BMA, with
its registered office at Power House, 7 Par-la-Ville Road, Hamilton
HM 11, Bermuda.
This release contains information, which may be of a price
sensitive nature that Lancashire
is making public in a manner consistent with the EU Market Abuse
Regulation and other regulatory obligations. The information was
submitted for publication, through the agency of the contact
persons set out above, at 18:20 GMT
on 23 September 2019.
NOTE REGARDING FORWARD-LOOKING
STATEMENTS:
CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE
MODELLED LOSS SCENARIOS) MADE IN THIS RELEASE OR OTHERWISE THAT ARE
NOT BASED ON CURRENT OR HISTORICAL FACTS ARE FORWARD-LOOKING IN
NATURE INCLUDING, WITHOUT LIMITATION, STATEMENTS CONTAINING THE
WORDS “BELIEVES”, “ANTICIPATES”, “PLANS”, “PROJECTS”, “FORECASTS”,
“GUIDANCE”, “INTENDS”, “EXPECTS”, “ESTIMATES”, “PREDICTS”, “MAY”,
“CAN”, “LIKELY”, “WILL”, “SEEKS”, “SHOULD”, OR, IN EACH CASE,
THEIR NEGATIVE OR COMPARABLE TERMINOLOGY. ALL SUCH STATEMENTS OTHER
THAN STATEMENTS OF HISTORICAL FACTS INCLUDING, WITHOUT LIMITATION,
THE GROUP’S FINANCIAL POSITION, TAX RESIDENCY, LIQUIDITY,
RESULTS OF OPERATIONS, PROSPECTS, GROWTH, CAPITAL
MANAGEMENT PLANS AND EFFICIENCIES, ABILITY TO CREATE VALUE,
DIVIDEND POLICY, OPERATIONAL FLEXIBILITY, COMPOSITION OF
MANAGEMENT, BUSINESS STRATEGY, PLANS AND OBJECTIVES OF MANAGEMENT
FOR FUTURE OPERATIONS (INCLUDING DEVELOPMENT PLANS AND OBJECTIVES
RELATING TO THE GROUP’S INSURANCE BUSINESS) ARE FORWARD-LOOKING
STATEMENTS. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND
UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS THAT COULD
CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE GROUP
TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR
ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS.
THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO: THE ACTUAL
DEVELOPMENT OF LOSSES AND EXPENSES IMPACTING ESTIMATES FOR
HURRICANE MICHAEL AND THE WILDFIRES WHICH IMPACTED PARTS OF
CALIFORNIA DURING THE FOURTH
QUARTER OF 2018, HURRICANE FLORENCE, THE TYPHOONS AND MARINE LOSSES
THAT OCCURRED IN THE THIRD QUARTER OF 2018, HURRICANES HARVEY, IRMA
AND MARIA AND THE EARTHQUAKES IN MEXICO THAT OCCURRED IN THE THIRD QUARTER OF
2017 AND THE WILDFIRES WHICH IMPACTED PARTS OF CALIFORNIA DURING THE FOURTH QUARTER OF 2017;
THE IMPACT OF COMPLEX AND UNIQUE CAUSATION AND COVERAGE ISSUES
ASSOCIATED WITH ATTRIBUTION OF LOSSES TO WIND OR FLOOD DAMAGE OR
OTHER PERILS SUCH AS FIRE OR BUSINESS INTERRUPTION RELATING TO SUCH
EVENTS; POTENTIAL UNCERTAINTIES RELATING TO REINSURANCE RECOVERIES,
REINSTATEMENT PREMIUMS AND OTHER FACTORS INHERENT IN LOSS
ESTIMATION; THE GROUP’S ABILITY TO INTEGRATE ITS BUSINESSES AND
PERSONNEL; THE SUCCESSFUL RETENTION AND MOTIVATION OF THE GROUP’S
KEY MANAGEMENT; THE INCREASED REGULATORY BURDEN FACING THE GROUP;
THE NUMBER AND TYPE OF INSURANCE AND REINSURANCE CONTRACTS THAT THE
GROUP WRITES OR MAY WRITE; THE GROUP’S ABILITY TO IMPLEMENT
SUCCESSFULLY ITS BUSINESS STRATEGY DURING ‘SOFT’ AS WELL AS ‘HARD’
MARKETS; THE PREMIUM RATES WHICH MAY BE AVAILABLE AT THE TIME OF
SUCH RENEWALS WITHIN THE GROUP’S TARGETED BUSINESS LINES; THE
POSSIBLE LOW FREQUENCY OF LARGE EVENTS; POTENTIALLY UNUSUAL LOSS
FREQUENCY; THE IMPACT THAT THE GROUP’S FUTURE OPERATING RESULTS,
CAPITAL POSITION AND RATING AGENCY AND OTHER CONSIDERATIONS MAY
HAVE ON THE EXECUTION OF ANY CAPITAL MANAGEMENT INITIATIVES OR
DIVIDENDS; THE POSSIBILITY OF GREATER FREQUENCY OR SEVERITY OF
CLAIMS AND LOSS ACTIVITY THAN THE GROUP’S UNDERWRITING, RESERVING
OR INVESTMENT PRACTICES HAVE ANTICIPATED; THE RELIABILITY OF, AND
CHANGES IN ASSUMPTIONS TO, CATASTROPHE PRICING, ACCUMULATION AND
ESTIMATED LOSS MODELS; INCREASED COMPETITION FROM EXISTING
ALTERNATIVE CAPITAL PROVIDERS, INSURANCE LINKED FUNDS AND
COLLATERALISED SPECIAL PURPOSE INSURERS AND THE RELATED DEMAND AND
SUPPLY DYNAMICS AS CONTRACTS COME UP FOR RENEWAL; THE EFFECTIVENESS
OF THE GROUP’S LOSS LIMITATION METHODS; THE POTENTIAL LOSS OF KEY
PERSONNEL; A DECLINE IN THE GROUP’S OPERATING SUBSIDIARIES’ RATING
WITH A.M. BEST, S&P GLOBAL RATINGS, MOODY’S OR OTHER RATING
AGENCIES; INCREASED COMPETITION ON THE BASIS OF PRICING, CAPACITY,
COVERAGE TERMS OR OTHER FACTORS; CYCLICAL DOWNTURNS OF THE
INDUSTRY; THE IMPACT OF A DETERIORATING CREDIT ENVIRONMENT FOR
ISSUERS OF FIXED MATURITY INVESTMENTS; THE IMPACT OF SWINGS IN
MARKET INTEREST RATES, CURRENCY EXCHANGE RATES AND SECURITIES
PRICES; CHANGES BY CENTRAL BANKS REGARDING THE LEVEL OF INTEREST
RATES; THE IMPACT OF INFLATION OR DEFLATION IN RELEVANT ECONOMIES
IN WHICH THE GROUP OPERATES; THE EFFECT, TIMING AND OTHER
UNCERTAINTIES SURROUNDING FUTURE BUSINESS COMBINATIONS WITHIN THE
INSURANCE AND REINSURANCE INDUSTRIES; THE IMPACT OF TERRORIST
ACTIVITY IN THE COUNTRIES IN WHICH THE GROUP WRITES RISKS; A RATING
DOWNGRADE OF, OR A MARKET DECLINE IN, SECURITIES IN THE GROUP’S
INVESTMENT PORTFOLIO; CHANGES IN GOVERNMENTAL REGULATIONS OR TAX
LAWS IN JURISDICTIONS WHERE THE GROUP CONDUCTS BUSINESS;
LANCASHIRE OR ANY OF THE GROUP’S
BERMUDIAN SUBSIDIARIES BECOMING SUBJECT TO INCOME TAXES IN
THE UNITED STATES OR IN THE
UNITED KINGDOM; THE IMPACT OF THE
CHANGE IN TAX RESIDENCE ON STAKEHOLDERS OF THE COMPANY; AND THE
IMPACT OF “BREXIT” (FOLLOWING THE UK’S NOTIFICATION TO THE EUROPEAN
COUNCIL UNDER ARTICLE 50 OF THE TREATY ON EUROPEAN UNION ON
29 MARCH 2017) AND FUTURE
NEGOTIATIONS REGARDING THE UK’S RELATIONSHIP WITH THE EU ON THE
GROUP’S BUSINESS, REGULATORY RELATIONSHIPS, UNDERWRITING PLATFORMS
OR THE INDUSTRY GENERALLY.
ALL FORWARD-LOOKING STATEMENTS IN THIS RELEASE SPEAK ONLY AS AT
THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION
OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR
REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY
UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT
ANY CHANGES IN THE GROUP’S EXPECTATIONS OR CIRCUMSTANCES ON WHICH
ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL
FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS
ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR
ENTIRETY BY THIS NOTE. PROSPECTIVE INVESTORS SHOULD SPECIFICALLY
CONSIDER THE FACTORS IDENTIFIED IN THIS RELEASE WHICH COULD CAUSE
ACTUAL RESULTS TO DIFFER BEFORE MAKING AN INVESTMENT DECISION.