Press releases
2007
Notification of Options Award
29 June 2007
Hamilton, Bermuda, 25th June 2007
Lancashire Holdings Limited (the “Company”) today announces the granting of options over its common shares as of 29th June 2007 to Executive Directors of the Company as follows:
| Name of Executive Director |
Number of share options granted |
Total number of share options held following this notification |
| Richard Brindle | 150,000 | 912,522 |
| Neil McConachie | 200,000 | 708,348 |
The options were granted pursuant to the Company's Long Term Incentive Plan (the "Plan") under which the Company may grant from time to time up to 5% of the Company's fully diluted common share capital, as described in the Company's AIM Admission Document. Additional options within this maximum 5% were granted on such date, and may in future be granted, to other employees of the Company on identical terms.
As set out in the Plan, the options will vest as to 25% on the first anniversary, 50% on the second anniversary, 75% on the third anniversary and 100% on the fourth anniversary of the date of grant. The options may not be exercised later than the tenth anniversary of the date of grant although they may lapse earlier in other circumstances.
The purchase price of the common shares underlying these options is the closing price on 29th June 2007, which was 341.50 pence (GBP).
For further information, please contact:
| Lancashire Holdings | +1 441 278 8950 |
| Greg Lunn | |
| Financial Dynamics | +44 20 7269 7114 |
| Rob Bailhache | |
| Nick Henderson |
About Lancashire
Lancashire, through its UK and Bermuda-based insurance subsidiaries, is a global provider of specialty insurance products. Its insurance subsidiaries carry the Lancashire group rating of A minus (Excellent) from A.M. Best with a stable outlook. Lancashire has capital in excess of US$1 billion and its common shares trade on AIM under the ticker symbol LRE. Lancashire is headquartered at Mintflower Place, 8 Par-La-Ville Road, Hamilton HM 08, Bermuda. The mailing address is Lancashire Holdings Limited, P.O. Box HM 2358, Hamilton HM HX, Bermuda. For more information on Lancashire, visit the Company's website at www.lancashiregroup.com.