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     
                                              notified in accordance with DTR  
                                              3.1.2 R, (ii) a disclosure made  
                                              in accordance with LR 9.8.6R(1)  
                                              or (iii) a disclosure made in    
                                              accordance with section 793 of   
                                              the Companies Act (2006)         
                                                                               
      Lancashire Holdings Limited             (i)a transaction notified in    
      (the "Company")                         accordance with DTR 3.1.2 R, (ii)
                                              a disclosure made in accordance  
                                              with LR 9.8.6R(1)                
                                                                               
3.    Name of the person discharging    4.    State whether notification       
      managerial responsibilities/            relates to a person connected    
      director                                with a person discharging        
                                              managerial responsibilities/     
                                              director named in 3 and identify 
                                              connected person                 
                                                                               
      Neil McConachie                         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                                                  
                                                 
      Person referred to at 3 above.          Common shares of US$0.50 each                                  
                                                                               
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                                           
                                                             
      Neil McConachie                         Purchase of 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         
                                              percentage)                      
                                                                               
      8,000                                   0.005%                           
                                                                               
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         
                                              percentage)                      
                                                                               
      N/A                                     N/A                              
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                                         
      £4.47                                   10 August 2009, London                                 
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transactions                     
      holding following notification                                           
      (any treasury shares should not                            
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
      165,668 (0.10%)                         10 August 2009                                 

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        Greg Lunn [phone]        
      McConachie also holds the                                                
      following interests in the                                               
      Company:                                                                 
                                                                               
      Restricted Share Scheme - 222,661                                        
      Long Term Incentive Plan - 458,348                                    
      Time vesting warrants - 770,870                                          
      Performance warrants - 389,008                                           

Name of authorised official if issuer making notification                      
                                                                               
Teresa de Freitas                                                              
Assistant Company Secretary                                                    
11 August 2009                                                                 

Notes: This form is intended for use by an issuer to make a RIS notification
required by DTR 3.1.4
 1. An issuer making a notification in respect of a transaction relating to the
    shares or debentures of the issuer should complete boxes 1 to 16, 23 and
    24.
 2. An issuer making a notification in respect of a derivative relating the
    shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and
    24.
 3. An issuer making a notification in respect of options granted to a director
    /person discharging managerial responsibilities should complete boxes 1 to
    3 and 17 to 24.
 4. An issuer making a notification in respect of a financial instrument
    relating to the shares of the issuer (other than a debenture) should
    complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.