Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                         
                                                                                        
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                                      
   of existing shares to which voting rights are                    Lancashire Holdings Ltd
   attached:ii                                                                             
                                                                                        
2. Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
   An acquisition or disposal of voting rights                                        X    
                                                                                        
   An acquisition or disposal of qualifying financial instruments which may                
   result in the acquisition of shares already issued to which voting rights are           
   attached                                                                                
                                                                                        
   An acquisition or disposal of instruments with similar economic effect to               
   qualifying financial instruments                                                        
                                                                                        
   An event changing the breakdown of voting rights                                        
                                                                                        
   Other (please specify):                                                                 
                                                                                        
                                                                    Artisan Partners    
                                                                  Holdings LP, Artisan  
                                                                    Partners Limited    
3. Full name of person(s) subject to the                          Partnership, Artisan  
   notification obligation:iii                                       Investments GP LLC,   
                                                                   Artisan Investment   
                                                                Corporation, ZFIC, Inc.,
                                                                   Andrew A. Ziegler,   
                                                                   Carlene M. Ziegler   
                                                                                        
                                                                State Street Bank, Bank 
4. Full name of shareholder(s)                                    of New York, Mellon   
   (if different from 3.):iv                                       Bank, JP Morgan Chase, 
                                                                 Northern Trust, State  
                                                                Street Bank - Luxembourg
                                                                                        
5. Date of the transaction and date on                                                  
   which the threshold is crossed or                                   January 28, 2011    
   reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                                   January 31, 2011    
                                                                                        
7. Threshold(s) that is/are crossed or                                  Above 5%        
   reached: vi, vii                                                                        
                                                                                        


 

8. Notified details:                                                                                    
                                                                                                        
A: Voting rights attached to shares viii, ix                                                            
                                                                                                        
Class/type   Situation previous                  Resulting situation after the triggering transaction   
of           to the triggering                                                                          
shares       transaction                                                                                
                                                                                                        
                                                                                                        
if possible  Number                 Number       Number    Number of voting        % of  voting rights x
using        of                     of           of shares rights                                       
the ISIN     Shares                 Voting                                                              
CODE                                Rights                                                              
                                                 Direct    Direct xi Indirect xii  Direct  Indirect     
                                                                                                        
                                                                                                        
BMG5361W1047                                                                                            
             7,612,963              4.97%                            7,693,815             5.02%        
                                                                                                        
                                                                                                        
                                                                                                        
                                                                                                        
B: Qualifying Financial Instruments                                                                     
                                                                                                        
Resulting situation after the triggering transaction                                                    
                                                                                                        
Type of        Expiration            Exercise/              Number of voting             % of voting    
financial      date xiii             Conversion Period xiv  rights that may be           rights         
instrument                                                  acquired if the                             
                                                            instrument is                               
                                                            exercised/ converted.                       
                                                                                                        
                                                                                                        
                                                                                                        
                                                                                                        
                                                                                                        
C: Financial Instruments with similar economic effect to Qualifying Financial                           
Instruments xv, xvi                                                                                     
                                                                                                        
Resulting situation after the triggering transaction                                                    
                                                                                                        
Type of       Exercise price        Expiration  Exercise/  Number of voting rights    % of voting rights
financial                           date xvii   Conversion instrument refers to       xix, xx           
instrument                                      period                                                  
                                                xviii                                                   
                                                                                                        
                                                                                      Nominal Delta      
                                                                                                        
                                                                                                        
                                                                                                        
                                                                                                        
                                                                                                        
Total (A+B+C)                                                                                           
                                                                                                        
Number of voting rights                                  Percentage of voting rights                    
                                                                                                        
7,693,815                                                5.02%                                          
                                                                                                        


 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
                                                                                        
                                                                                        
Artisan Partners Limited Partnership ("APLP"), a U.S. registered investment             
adviser, is a limited partnership organized under the laws of the State of              
Delaware on March 26, 2009. Control of APLP is vested in its general partner,           
Artisan Investments GP LLC, a limited liability company organized under the             
laws of the State of Delaware on March 26, 2009.  Artisan Partners Holdings LP          
is the sole member of Artisan Investments GP LLC, and is the sole limited               
partner of Artisan Partners Limited Partnership.  Control of Artisan Partners           
Holdings LP (formerly named Artisan Partners Limited Partnership) is vested in          
its general partner, Artisan Investment Corporation. All of the outstanding             
stock of Artisan Investment Corporation is owned by ZFIC, Inc., a corporation           
organized under the laws of the State of Wisconsin.  Andrew A. Ziegler and              
Carlene M. Ziegler each own 50% of the voting stock of ZFIC, Inc. APLP,                 
pursuant to advisory contracts, has the power to purchase and sell securities           
on behalf of its clients and the power to vote for most clients. Persons other          
than APLP are entitled to receive all dividends from, and proceeds from the             
sale of, all of the securities reported hereunder.                                      
                                                                                        
                                                                                        
                                                                                        
Artisan International Value Fund ("ARTKX"), is a series of Artisan Funds Inc.,          
a U.S. registered investment company. Certain officers and a director of                
Artisan Funds, Inc. are employees of APLP. APLP pursuant to its advisory                
contract with ARTKX has the power to purchase and sell securities on behalf of          
ARTKX and to vote for ARTKX. ARTKX, as of 28 January 2011, was interested in            
4,990,493 shares, representing 3.26% of the 5.02% disclosed above, of                   
Lancashire Holdings Ltd.                                                                
                                                                                        
                                                                                        
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                       Artisan Partners Limited Partnership
                                                                                        
11. Number of voting rights proxy holder will cease                 N/A                 
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                   N/A                 
voting rights:                                                                          
                                                                                        
                                                                                        
                                                                                        
                                                                                        
13. Additional information:                                                             
                                                                                        
14. Contact name:                                              Lisa Moran               
                                                                                        
15. Contact telephone number:                                 414.390.1994