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  
                                              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/     
      (1) Richard Brindle (Executive          director named in 3 and identify 
      Director and Group CEO)                 connected person                 
                                                                               
                                               N/A                              
                                                                               
      (2) Alex Maloney (Executive                                              
      Director and Group Chief 
      Underwriting Officer)                                                             
                                                                               
                                                                                     
      (3) Elaine Whelan (Executive                                             
      Director and Group Chief 
      Financial Officer)                                                            
                                                                                     
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                                                  
                                               1. Lancashire Holdings Limited  
      Persons referred to at 3 above              ("LHL")                      
                                                                               
                                              Restricted Share Scheme Award    
                                                                               
                                              and LHL Restricted Share Scheme  
                                                                               
                                              Awards Bonus Deferral Plan       
                                                                               
                                               2. Lancashire Holdings Limited  
                                                  ("LHL")                      
                                                                               
                                              Restricted Share Scheme Award    
                                                                               
                                              and LHL Restricted Share Scheme  
                                                                               
                                              Awards Bonus Deferral Plan       
                                                                               
                                               3. Lancashire Holdings Limited  
                                                  ("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                                           
                                               1. Exercise of 584,897          
       1. Richard Brindle                         Restricted Share             
                                                                               
       2. Alex Maloney                        Awards granted as nil-cost       
                                              options over                     
       3. Elaine Whelan                                                        
                                              common shares of US$0.50 each, of
                                                                               
                                              which 371,250 were granted under 
                                                                               
                                              the LHL Restricted Share Scheme  
                                              and                              
                                                                               
                                              213,647 were granted under the   
                                                                               
                                              LHL Restricted Share Scheme      
                                              Awards                           
                                                                               
                                              Bonus Deferral Plan and sale of  
                                                                               
                                              584,897 resultant shares         
                                                                               
                                               2. Exercise of 140,877          
                                                  Restricted Share             
                                                                               
                                              Awards granted as nil-cost       
                                              options over                     
                                                                               
                                              common shares of US$0.50 each, of
                                                                               
                                              which 95,287 were granted under  
                                                                               
                                              the LHL Restricted Share Scheme  
                                              and                              
                                                                               
                                              45,590 were granted under the    
                                                                               
                                              LHL Restricted Share Scheme      
                                              Awards                           
                                                                               
                                              Bonus Deferral Plan and sale of  
                                                                               
                                              140,877 resultant shares         
                                                                               
                                               3. Exercise of 51,166 Restricted
                                                  Share                        
                                                                               
                                              Awards granted as nil-cost       
                                              options over                     
                                                                               
                                              common shares of US$0.50 each, of
                                                                               
                                              which 45,581 were granted under  
                                                                               
                                              the LHL Restricted Share Scheme  
                                              and                              
                                                                               
                                              5,585 were granted under the     
                                                                               
                                              LHL Restricted Share Scheme      
                                              Awards                           
                                                                               
                                              Bonus Deferral Plan and          
                                              subsequent                       
                                                                               
                                              sale of 1,028 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         
      (1) 584,897                             percentage)                      
                                                                               
      (2) 140,877                             (1) 0.3552%                      
                                                                               
      (3) 51,166                              (2) 0.0856%                      
                                                                               
                                              (3) 0.0311%                      
                                                                               
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         
      (1) 584,897                             percentage)                      
                                                                               
      (2) 140,877                              1. 0.3552%                      
                                                                               
      (3) 1,028                                2. 0.0856%                      
                                                                               
                                               3. 0.0006%                      
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                               1. 10 May 2013 - London, England
       1. £8.263 per share                                                     
                                               2. 10 May 2013 - London, England
       2. £8.263 per share                                                     
                                               3. 16 May 2013 - London, England
      (3) £8.255 per share                                                     
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transaction                      
      holding following notification                                           
      (any treasury shares should not         16 May 2013                      
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
       1. 858,022 common shares -                                              
          Totalling 0.5211%                                                    
                                                                               
       2. 191,415 common shares -                                              
          Totalling 0.1163% (of which                                          
          100,000 shares belong to                                             
          connected person Amanda                                              
          Maloney)                                                             
                                                                               
       3. 94,225 common shares -                                               
          Totalling 0.0572 % (of which                                         
          2,600 shares belong to                                               
          connected person Kilian                                              
          Whelan)                                                              

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,              Christopher Head + 44 (0) 207   
      Richard Brindle also holds the           264 4145                        
      following interests in the                                               
      Company:                                                                 
                                                                               
      Restricted Share Scheme Awards                                           
      Bonus Deferral Plan - 99,998                                             
      (vesting is subject to time and                                          
      employment conditions only)                                              
                                                                               
      Restricted Share Scheme Awards-                                          
                                                                               
      773,713*                                                                 
                                                                               
      Time vesting warrants - 5,625,                                           
      217                                                                      
                                                                               
      Performance warrants - 741,965                                           
                                                                               
      Founder Warrants - 46,260                                                
                                                                               
      In addition to the securities                                            
      noted in question 15 above, Alex                                         
      Maloney also holds the following                                         
      interests in the Company:                                                
                                                                               
      Restricted Share Scheme Awards                                           
      Bonus Deferral Plan - 26,512                                             
      (vesting is subject to time and                                          
      employment conditions only)                                              
                                                                               
      Restricted Share Scheme Awards-                                          
                                                                               
      555,332*                                                                 
                                                                               
      In addition to the securities                                            
      noted in question 15 above,                                              
      Elaine Whelan also holds the                                             
      following interests in the                                               
      Company:                                                                 
                                                                               
      Restricted Share Scheme Awards                                           
      Bonus Deferral Plan - 31,022                                             
      (vesting is subject to time and                                          
      employment conditions only)                                              
                                                                               
      Restricted Share Scheme Awards-                                          
                                                                               
      316,567*                                                                 
                                                                               
      *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.                                         
                                                                               
      N.B: Elaine Whelan has sold the                                          
      number of shares required to                                             
      cover tax liabilities and has                                            
      retained the remainder of the                                            
      resulting shares and Richard                                             
      Brindle has sold shares to                                               
      finance on-going personal                                                
      property renovations.                                                    

Name of authorised official if issuer for making notification                  
                                                                               
Christopher Head                                                               
                                                                               
Company Secretary                                                              
                                                                               
17 May 2013