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.”
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