Ninety-nine per cent of Lancashire shareholders in favour of Cathedral acquisition
Lancashire’s shareholders have approved the London-based insurer’s planned £266m acquisition of Lloyd’s insurer Cathedral.
At a special general meeting yesterday, 99.04% of the votes cast were in favour of the purchase.
Lancashire revealed its plans to buy Cathedral on 7 August. The buy gives Lancashire a Lloyd’s presence, and will allow the specialist insurer to participate directly in Lloyd’s business.
Lancashire chairman Martin Thomas said: “The board is pleased with our shareholders’ strong support for the proposed acquisition of Cathedral. This is a rare opportunity to acquire a high-quality Lloyd’s business with short-tail focus, strong business model fit, and robust underwriting performance.”
Lancashire chief executive Richard Brindle added: “The acquisition of Cathedral represents an exciting and welcome addition to the Lancashire Group.
“Cathedral is an ideal partner for Lancashire, being a well-respected and well-run business within the Lloyd’s market that will complement Lancashire’s existing underwriting base.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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