Debt Investor Presentation
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Debt Investor Presentation www.lancashiregroup.com March 2021 Safe harbour statements IMPORTANT: You must read the following before continuing. This document (the “Presentation”) has been prepared by Lancashire Holdings Limited (the “Issuer”) solely for information purposes and for use in presentations of the business and financial data of the Company. For the purposes of this notice, any reference to “Presentation” shall include the document that follows, the oral briefings by the Company that accompanies it, any question-and- answer session and any other document or materials distributed at or in connection with this Presentation that follow such briefings. This Presentation is strictly proprietary and is being supplied to you solely for your information on a strictly confidential basis. It may not (in whole or in part) be reproduced, distributed or passed to a third party, published or used, by any medium or in any form, for any other purposes than stated above. This Presentation is informative in nature and does not constitute or form part of an offer of securities to the public as meant in any laws or rules implementing the Prospectus Regulation (EU) 2017/1129, nor does it constitute a solicitation to make such an offer. The Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities to any person in the United States or in any jurisdiction to whom or in which such offer or solicitation is unlawful or in respect of any person in relation to whom the making of such an offer or solicitation is unlawful. Everyone using this Presentation should acquaint themselves with and adhere to the applicable local legislation. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. Any decision to invest in the fixed-rate reset junior subordinated notes offered by the Issuer (the “Notes”) described herein should be based solely on information contained in the preliminary offering memorandum or final offering memorandum. You should read carefully the section captioned “Risk Factors” there for a more complete discussion of the risks of an investment in the Notes. No responsibility or liability is accepted by the Issuer, HSBC Bank plc (“HSBC”) or Morgan Stanley & Co. International plc (“Morgan Stanley”) or any of their respective affiliates or any of their respective directors, officers, employees, agents or associates, nor any other person, for any of the information contained herein. Except in the case of fraudulent misrepresentation, neither the Issuer nor any of its affiliates, advisers or representatives shall have any liability whatsoever for any loss whatsoever arising from any use of this Presentation or its contents, or otherwise arising in connection with this Presentation (whether direct, indirect, consequential or other). The securities discussed herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States or to U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the securities Act and applicable state securities laws. Accordingly, the securities will only be offered, sold or delivered outside the United States to persons who are not U.S. persons (as defined in Regulation S under the Securities Act (“Regulation S”)) or acting for or on behalf of US persons in offshore transactions in reliance on Regulation S and in accordance with applicable laws. In addition, the information contained herein is directed exclusively at persons outside the United States who are not U.S. persons (as defined in Regulation S of the Securities Act) nor acting for the account or benefit of a U.S. person, in offshore transactions in reliance on Regulation S and in accordance with applicable laws. This Presentation is made to, directed and distributed solely at: (i) persons outside the United Kingdom, (ii) “investment professionals” specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the “Order”), (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000, as amended) in connection with the issue or sale of any securities of the Issuer may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Relevant Persons”). Any investment activity to which the information relates will only be available to and will only be engaged in with Relevant Persons. Any person who is not a Relevant Person should not act or rely on the Information. By accessing the Information, you represent that you are a Relevant Person. The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a “retail investor” means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended (“MiFID II”); (ii) retail clients, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of the domestic law of the U.K. by virtue of the European Union (Withdrawal) Act 2018 (as amended, including by the European Union (Withdrawal Agreement) Act 2020) (“EUWA”); or (iii) a customer within the meaning of Directive (EU) 2016/97, as amended (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA (“U.K. MiFIR”). Consequently, no key information document required by Regulation (EU) No 1286/2014, as amended (the “PRIIPs Regulation”) or by the PRIIPs Regulation as it forms part of the domestic law of the U.K. by virtue of the EUWA (the “U.K. PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation. HIGHLY RESTRICTED 2 Overview of Lancashire Group Lancashire: Management team Alex Maloney – Group Chief Executive Officer Paul Gregory – Group Chief Underwriting Officer Alex joined Lancashire in December 2005 and was appointed Group Chief Paul joined Lancashire in May 2007 as a member of the underwriting team and Executive Officer in April 2014. On joining, Mr Maloney was responsible for has led the underwriting operations for the Group since May 2014. On joining, establishing and building the energy underwriting team and account and, in Paul was responsible for underwriting the Energy account and assisting in the May 2009, was appointed Group Chief Underwriting Officer. Since November development of Lancashire Middle East. In January 2009, Paul was appointed 2010, Mr Maloney has served as a member of the Lancashire Holdings Limited Chief Underwriting Officer of Lancashire Insurance Company (UK) Limited and Board. Mr Maloney has also been closely involved in the development of the was responsible for all lines of business written from the Lancashire London Group’s Lloyd’s strategy. He has over 20 years’ underwriting experience and office. Paul has also worked closely with the Syndicate management team in has also worked in the New York and Bermuda markets. the development of Syndicate 3010 and the Group’s Lloyd's strategy. Natalie Kershaw – Group Chief Financial Officer Louise Wells– Chief Risk Officer Natalie joined Lancashire in December 2009 as the Group Financial Controller Louise Wells has been with Lancashire since September 2011 and is responsible and has also held the positions of Chief Financial Officer of Lancashire for the Group's Enterprise Risk Management function, having previously held Insurance Company Limited and Group Chief Accounting Officer. She has 20 the role of Head of Internal Audit. Prior to joining Lancashire, Louise spent years’ experience of the insurance/reinsurance sector with previous roles at almost 6 years at Lloyd's of London acting as Deputy Head of Internal Audit, Swiss Re, Alas (Bermuda) Limited and PwC. Natalie graduated from Jesus Senior Risk Executive and Chief Risk Officer of Centrewrite. Louise has 19 years College, Oxford in 1996 with a first class degree in Geography and is a fellow of of audit and risk experience within the insurance market having worked in the Institute of Chartered Accountants in England and Wales. London, Sydney and Bermuda. Denise O’ Donoghue– Chief Investment Officer Jelena Bjelanovic – Head of Investor Relations Denise joined Lancashire in June 2007 and is responsible for all aspects of the Jelena joined Lancashire in October 2018 and is responsible for the investor investment portfolio and treasury functions for the Group. Denise is also a relations function for the Group. Prior to joining Lancashire, Jelena spent about member of the Lancashire Holdings Limited Investment Committee. Prior to 10 years as an equity research analyst and specialist sales-person cover the joining Lancashire, Denise was at Oil Insurance Limited managing the global insurance sector. Jelena started her career at Standard & Poor’s and was investment portfolio and heavily involved in all capital market transactions.