Director/PDMR Shareholding

Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons

1.    Name of the issuer                2.    State whether the notification   
                                              related to (i) a transaction     
      Lancashire Holdings Limited             notified in accordance with DTR  
                                              3.1.2 R, (ii) a disclosure made  
      (the "Company")                         in accordance with LR 9.8.6R(1)  
                                              or (iii) a disclosure made in    
                                              accordance with section 793 of   
                                              the Companies Act (2006)         
                                                                               
                                              (i) a transaction notified in    
                                              accordance with DTR 3.1.2 R      
                                                                               
3.    Name of the person discharging    4.    State whether notification       
      managerial responsibilities/            relates to a person connected    
      director                                with a person discharging        
                                              managerial responsibilities/     
      Neil McConachie (Non-Executive          director named in 3 and identify 
      Director)                               connected person                 
                                                                               
                                              N/A                              
                                                                               
5.    Indicate whether the notification 6.    Description of shares (including 
      is in respect of a holding of the       class), debentures or derivatives
      person referred to in 3 or 4            or financial instruments relating
      above or in respect of a                to shares                        
      non-beneficial interest                                                  
                                              Lancashire Holdings Limited      
      Persons referred to at 3 above.         ("LHL")                          
                                                                               
                                              Restricted Share Scheme Award and
                                              LHL Restricted Share Scheme      
                                              Awards Bonus Deferral Plan       
                                                                               
7.    Name of registered shareholder(s) 8.    State the nature of the          
      and, if more than one, the number       transaction                      
      of shares held by each of them                                           
                                              Exercise of 237,357 Restricted   
      Neil McConachie                         Share Awards granted as nil-cost 
                                              options over common shares of    
                                              US$0.50 each, of which (150,975) 
                                              were granted under the Lancashire
                                              Holdings Limited Restricted Share
                                              Scheme and (86,382) were granted 
                                              under the Lancashire Holdings    
                                              Limited Restricted Share Scheme  
                                              Awards Bonus Deferral Plan and   
                                              the sale of 237,357 resultant    
                                              shares                           
                                                                               
9.    Number of shares, debentures or   10.   Percentage of issued class       
      financial instruments relating to       acquired (treasury shares of the 
      shares acquired                         class should not be taken into   
                                              account when calculating         
      237,357                                 percentage)                      
                                                                               
                                              0.1305%                          
                                                                               
11.   Number of shares, debentures or   12.   Percentage of issued class       
      financial instruments relating to       disposed (treasury shares of the 
      shares disposed                         class should not be taken into   
                                              account when calculating         
      237,357                                 percentage)                      
                                                                               
                                              0.1305%                          
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                               1. 12 December 2013 - London,   
       1. 15,975 shares at £7.550818              England                      
          per share                                                            
                                               2. 12 December 2013 - London,   
       2. 8,629 shares at £7.55088 per            England                      
          share                                                                
                                               3. 13 December 2013 - London,   
       3. 37,753 shares at £7.546173              England                      
          per share                                                            
                                               4. 16 December 2013 - London,   
       4. 25,000 shares at £7.65846 per           England                      
          share                                                                
                                               5. 16 December 2013 - London,   
       5. 50,000 shares at £7.674097              England                      
          per share                                                            
                                               6. 17 December 2013 - London,   
       6. 100,000 shares at £7.623714             England                      
          per share                                                            
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transactions                     
      holding following notification                                           
      (any treasury shares should not         20 December 2013                 
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
      Nil (0) common shares 0%                                                 

If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes

17.   Date of grant                     18.   Period during which or date on   
                                              which exercisable                
                                                                               
19.   Total amount paid (if any) for    20.   Description of shares or         
      grant of the option                     debentures involved (class and   
                                              number)                          
                                                                               
21.   Exercise price (if fixed at time  22.   Total number of shares or        
      of grant) or indication that            debentures over which options    
      price is to be fixed at the time        held following notification      
      of exercise                                                              

23.   Any additional information        24.   Name of contact and telephone    
                                              number for queries               
      In addition to the securities                                            
      noted in question 15 above, Neil        Christopher Head + 44 (0) 207 264
      McConachie also holds the               4145                             
      following interests in the                                               
      Company:                                                                 
                                                                               
      Restricted Share Scheme Awards                                           
      Bonus Deferral Plan- 24,921                                              
      (subject to time and employment                                          
      conditions only)                                                         
                                                                               
      Restricted Share Scheme Awards-                                          
                                                                               
      408,827*                                                                 
                                                                               
      *Pursuant to the Rules of the                                            
      Restricted Share Scheme, the                                             
      number of shares that will                                               
      actually vest depends on the                                             
      satisfaction of certain                                                  
      conditions including employment,                                         
      performance and time conditions.                                         

Name of authorised official if issuer making notification                      
                                                                               
Christopher Head                                                               
                                                                               
Assistant Company Secretary                                                    
                                                                               
23 December 2013