Date: Wednesday 07 Jul 2010
Lancashire Holdings non-executive director Barry Volpert’s private equity firm Crestview has sold all of its common shares in the property, aviation and marine insurer.The latest disposal generated £22m and takes the amount raised by Crestview in the past fortnight to more than £29m.
Crestview sold its entire holding of 4.43m common shares at an average of 496.77p each.
Near the end of June, Crestview raised more than £4.7m from share disposals and on 1 July Lancashire bought 500,000 shares back from Crestview at 496p each.
Crestview owns no common shares but retains founder warrants equivalent to 0.76% of the diluted share capital.
Net premiums written more than doubled from $99.2m to $203.5m in the first quarter of 2010. Lancashire had a book value per share of $7.38 at the end of March 2010.
Lancashire has secured a $200m two year credit facility with Lloyds and will report its second quarter figures on 5 August.Top Director Buys
InterContinental Hotels Group (IHG)
Director name: Mr Graham Allan
Amount purchased: 2,000 @ 1,068.00p
Value: £21,360
Top Director Sells
Lancashire Holdings (LRE)
Director name: Mr Barry Stuart Volpert
Amount sold: 4,429,120 @ 496.77p
Value: £22,002,539
Halma (HLMA)
Director name: Mr Andrew Williams
Amount sold: 172,458 @ 271.03p
Value: £467,413
Advanced Computer Software (ASW)
Director name: Mr Michael Jackson
Amount sold: 837,000 @ 37.00p
Value: £309,690
Halma (HLMA)
Director name: Mr Kevin J Thompson
Amount sold: 98,447 @ 271.03p
Value: £266,821
Halma (HLMA)
Director name: Mr Neil Quinn
Amount sold: 64,824 @ 271.03p
Value: £175,692
Halma (HLMA)
Director name: Mr Adam Meyers
Amount sold: 21,605 @ 271.03p
Value: £58,556
Halma (HLMA)
Director name: Mr Carol Chesney
Amount sold: 7,937 @ 271.03p
Value: £21,512
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