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)                              
                                                                               
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                            connected person                 
                                                                               
      Group CEO)                              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                                                  
                                              N/A                              
      Persons referred to at 3 above                                           
                                                                               
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                                           
                                              Grants of Restricted Share Awards
      N/A                                     in the form of nil-cost options  
                                              over the issuer's common shares  
                                              pursuant to the issuer's         
                                              Restricted Share Scheme rules, as
                                              Adopted by the issuer's Board of 
                                              Directors on 12 February 2014    
                                                                               
                                              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.          
                                                                               
                                              See further details in boxes 17  
                                              to 20.                           
                                                                               
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         
      N/A                                     percentage)                      
                                                                               
                                              N/A                              
                                                                               
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         
      N/A                                     percentage)                      
                                                                               
                                              N/A                              
                                                                               
13.   Price per share or value of       14.   Date and place of transaction    
      transaction                                                              
                                              N/A                              
      N/A                                                                      
                                                                               
15.   Total holding following           16.   Date issuer informed of          
      notification and total percentage       transaction                      
      holding following notification                                           
      (any treasury shares should not         7 March 2014                     
      be taken into account when                                               
      calculating percentage)                                                  
                                                                               
      N/A                                                                      

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                
      5 March 2014                                                             
                                              In accordance with the issuer's  
                                              Restricted Share Scheme rules as 
                                              amended by the issuer's Board of 
                                              Directors on 12 February 2014,   
                                              exercise of these bonus deferral 
                                              Restricted Share Awards may occur
                                              over the relevant vested shares  
                                              at such point as the recipients  
                                              select, up to the 10th           
                                              anniversary of the date of grant.
                                              Subject to the vesting           
                                              conditions, each Bonus Deferral  
                                              Restricted Share Award will vest 
                                              in three equal tranches. Vested  
                                              awards may only be exercised in  
                                              "open periods". It is anticipated
                                              that the first open period       
                                              following the normal vesting date
                                              of the first Tranche will        
                                              commence in February 2015, in    
                                              February 2016 in the case of the 
                                              second Tranche, and in February  
                                              2017 in the case of the third    
                                              Tranche.                         
                                                                               
19.   Total amount paid (if any) for    20.   Description of shares or         
      grant of the option                     debentures involved (class and   
                                              number)                          
      Nil                                                                      
                                              Restricted Share Award structured
                                              as nil-cost options, granted over
                                              the issuer's common shares of    
                                              US$0.50 each under the Company's 
                                              Restricted Share Scheme Deferred 
                                              Bonus Plan.                      
                                                                               
                                               1. Richard Brindle - 73,213     
                                                                               
                                               2. Alex Maloney - 29,430        
                                                                               
                                               3. Elaine Whelan 23,956         
                                                                               
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                                                              
                                              Total number of Restricted Share 
      Nil                                     Awards granted under the         
                                              Restricted Share Scheme Awards   
                                              Bonus Deferral Plan* and held    
                                              following the notification:      
                                                                               
                                              (1) Richard Brindle - 173,211    
                                                                               
                                              (2) Alex Maloney - 55,942        
                                                                               
                                              (3) Elaine Whelan - 54,978       
                                                                               
                                              * (vesting is subject to time and
                                              employment conditions only)      
                                                                               
                                              Total number of Restricted Share 
                                              Awards granted under the         
                                              Restricted Share Scheme** and    
                                              held following notification:     
                                                                               
                                              (1) Richard Brindle - 804,996    
                                                                               
                                              (2) Alex Maloney - 679,665       
                                                                               
                                              (3) Elaine Whelan - 419,556      
                                                                               
                                              **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. 
                                                                               
                                              Total number of time vesting     
                                              warrants held following          
                                              notification:                    
                                                                               
                                              Richard Brindle - 5,625,217      
                                                                               
                                              Total number of performance      
                                              warrants held following          
                                              notification:                    
                                                                               
                                              Richard Brindle - 741,965        
                                                                               
                                              Total number of Founder warrants 
                                              held following notification:     
                                                                               
                                              Richard Brindle - 46,260         

23.   Any additional information        24.    Name of contact and telephone   
                                               number for queries              
                                                                               
                                               Christopher Head + 44 (0) 207   
                                               264 4145                        

Name of authorised official if issuer for making notification                  
                                                                               
Christopher Head                                                               
                                                                               
Company Secretary                                                              
                                                                               
10 March 2014