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Lancashire share price on the up

Shares in Bermudian start-up (re)insurer Lancashire Holdings made an immediate impact on the London Stock Exchange's Alternative Investment Market (AIM), rising over 12 percent on the first day of conditional trading last Tuesday (13 December).

Lancashire Insurance Company Ltd - which is being launched by former Lloyd's underwriter Richard Brindle - received a licence from the Bermuda Monetary Authority to form a "Class 4" reinsurance company last month and has attracted backing from the private equity firm Capital Z together with the former Max Re affiliate Moore Capital.

The company has successfully raised $910mn through the IPO, with an additional $125mn raised in debt capital taking the (re)insurer over the $1bn mark.

On 13 December Lancashire’s share price rose 35p from the starting price of 284p to 319p.

Unconditional trading in Lancashire began on16 December and at the time of going to press the shares had risen slightly again to 325.5p.

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