News from Sharecast:
Lancashire Holdings announced Friday that following a special general meeting the previous day its shareholders had voted through its proposal to acquire Cathedral Capital, a privately owned Lloyd’s insurer.
99.04% of votes were in favour of the £266m transaction.
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.
‘The acquisition will create value for Lancashire’s shareholders at a time of change in the market. It strengthens and diversifies Lancashire’s core underwriting business and we expect the Cathedral team will enhance Lancashire’s competitive positioning.’