Lancashire Hld Ltd Appointment of CEO of Cathedral Underwriting Limited

 
TIDMLRE 
 
LANCASHIRE HOLDINGS LIMITED 
 
22 January 2019 
 
Hamilton, Bermuda 
 
   Appointment of Chief Executive Officer of Cathedral Underwriting Limited 
 
Lancashire Holdings Limited ("Lancashire") has today announced the appointment 
of Emma Woolley as Chief Executive Officer of Cathedral Underwriting Limited 
("CUL") subject to all relevant regulatory and governance approvals. 
 
Emma has more than 20 years' experience in the London insurance market in a 
number of senior positions. Emma joined the Lancashire Group in January 2017 as 
the Compliance Director for CUL and as a member of the CUL Board and Cathedral 
executive management team. 
 
Andrew McKee will step down from the role of CEO of CUL with effect from 31 
January 2019. 
 
Alex Maloney, Lancashire Group CEO, said: 
 
"I am delighted to see Emma assume the role of CEO at CUL. She has already 
established herself as a valued member of the Cathedral management team and is 
a respected member of the CUL Board. I would also like to thank Andrew for his 
contribution to CUL and the wider Group. I wish him well for the future." 
 
For further information, please contact: 
 
Lancashire Holdings Limited 
Christopher Head                    [phone] 
                                    [e-mail] 
 
Jelena Bjelanovic                   [phone] 
                                    [e-mail] 
 
Haggie Partners                     [phone] 
 
David Haggie                        [e-mail] 
 
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     Financial    Long Term 
                          Strength      Strength     Issuer 
                          Rating (1)    Outlook (1)  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. 
 
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 16:30 
GMT on 22 January 2019. 
 
NOTE REGARDING FORWARD-LOOKING STATEMENTS: 
 
CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELED 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", "INTS", "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,  LIQUIDITY,  RESULTS OF OPERATIONS,  PROSPECTS,  GROWTH, CAPITAL 
MANAGEMENT PLANS AND EFFICIENCIES, ABILITY TO CREATE VALUE, DIVID 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 FLORENCE, THE TYPHOONS AND 
MARINE LOSSES THAT OCCURRED IN THE THIRD QUARTER OF 2018, HURRICANE MICHAEL 
WHICH OCCURRED IN THE FOURTH 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 DIVIDS; 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 INAPPLICABILITY 
TO THE GROUP OF SUITABLE EXCLUSIONS FROM THE UK CFC REGIME; ANY CHANGE IN UK 
GOVERNMENT POLICY WHICH IMPACTS THE CFC REGIME OR OTHER TAX CHANGES; 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. 
 
 
 
END 
 

(END) Dow Jones Newswires

January 22, 2019 11:24 ET (16:24 GMT)