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/     
      Alex Maloney (Executive Director)       director named in 3 and identify 
                                              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 2008 
      Person referred to at 3 above.          Restricted Share Scheme          
                                                                               
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 75,227 Restricted    
      Alex Maloney                            Share Awards granted as nil-cost 
                                              options over common shares of    
                                              US$0.50 each under the Lancashire
                                              Holdings Limited 2008 Restricted 
                                              Share Scheme and related sale of 
                                              39,197 resultant shares to cover 
                                              tax liabilities                  
                                                                               
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         
      75,227                                  percentage)                      
                                                                               
                                              0.0483%                          
                                                                               
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         
      39,197 (sold in order to cover          percentage)                      
      tax liabilities arising out of                                           
      the exercise of the shares)             0.0252%                          
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                                                               
      £6.569621 per share                     1 June 2011 - London, England    
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transactions                     
      holding following notification                                           
      (any treasury shares should not         02 June 2011                     
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
      109,643* (0.0704%) common shares                                         
                                                                               
      *of which 10,252 shares represent                                        
      forfeitable shares awarded on 25                                         
      March 2010 pursuant to a                                                 
      Lancashire Holdings Limited bonus                                        
      deferral scheme                                                          

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, Alex        Jonny Creagh-Coen + 44 (0) 207   
      Maloney also holds the following        264 4066                         
      interests in the Company:                                                
                                                                               
      Restricted Share Scheme - 443,678                                        
      **                                                                       
                                                                               
      Long Term Incentive Plan -                                               
      137,500                                                                  
                                                                               
      **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 performance                                         
      and time conditions. NB: 41,105                                          
      of these grants have been made in                                        
      connection with the issuer's                                             
      bonus deferral plan. Vesting is                                          
      subject to time and employment                                           
      conditions only and there are no                                         
      performance conditions.                                                  

Name of authorised official if issuer making notification                      
                                                                               
Christopher Head                                                               
                                                                               
Assistant Company Secretary                                                    
                                                                               
02 June 2011