LANCASHIRE HOLDINGS LIMITED - Director/PDMR Shareholding

Notification of Transactions of Directors/Persons Discharging Managerial
Responsibility and Connected Persons

1.  Name of the issuer            2.  State whether the notification related to
                                      (i) a transaction notified in accordance
                                      with DTR 3.1.2 R, (ii) a disclosure made
                                      in accordance with LR 9.8.6R(1) or (iii)
                                      a disclosure made in accordance with
                                      section 793 of the Companies Act (2006)

                                      (i) a transaction notified in accordance
                                          with DTR 3.1.2 R
    Lancashire Holdings Limited

3.  Name of the person            4.  State whether notification relates to a
    discharging managerial            person connected with a person
    responsibilities/director         discharging managerial responsibilities/
                                      director named in 3 and identify
                                      connected person

    Alex Maloney (Executive           N/A
    Director and Group   Chief
    Executive Officer )

5.  Indicate whether the          6.  Description of shares (including class),
    notification is in respect of     debentures or derivatives or financial
    a holding of the person           instruments relating to shares
    referred to in 3 or 4 above
    or in respect of a
    non-beneficial interest

    Persons referred to at 3
    above                             Lancashire Holdings Limited ("LHL")

                                      Restricted Share Scheme Award and LHL
                                      Restricted Share Scheme Awards Bonus
                                      Deferral Plan

7.  Name of registered            8.  State the nature of the transaction
    shareholder(s) and, if more
    than one, the number of
    shares held by each of them
                                      Exercise of 113,725 Restricted Share
                                      Awards granted as nil-cost options over
                                      common shares of US$0.50 each, of which
    Alex Maloney                      93,583  were granted under  the LHL
                                      Restricted Share Scheme and  20,142  were
                                      granted under the  LHL  Restricted Share
                                      Scheme Awards  Bonus Deferral Plan and
                                      subsequent  sale of 53,558 shares to
                                      cover tax liabilities

9.  Number of shares, debentures  10. Percentage of issued class acquired
    or financial instruments          (treasury shares of the class should not
    relating to shares acquired       be taken into account when calculating
                                      percentage)
    113,725
                                      0.0575%


11. Number of shares, debentures  12. Percentage of issued class disposed
    or financial instruments          (treasury shares of the class should not
    relating to shares disposed       be taken into account when calculating
                                      percentage)

    53,558                                  0.0271%



13. Price per share or value of   14. Date and place of transaction
    transaction
                                      25 March 2015 - London, England
    £6.296077 per share


15. Total holding following       16. Date issuer informed of transaction
    notification and total
    percentage holding following
    notification (any treasury
    shares should not be taken
    into account when calculating
    percentage)                       25 March 2015



    382,008 common shares -
    Totalling 0.1932% (of which
    100,000 shares belong to
    connected person Amanda
    Maloney)



If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes



17. Date of grant                          18. Period during which or date on
                                               which exercisable



19. Total amount paid (if any) for grant   20. Description of shares or
    of the option                              debentures involved (class and
                                               number)


21. Exercise price (if fixed at time of    22. Total number of  shares or
    grant) or indication that price is to      debentures over which options
    be fixed at the time of exercise           held following notification





23. Any additional information                            24. Name of contact
                                                              and telephone
                                                              number for
                                                              queries


    In addition to the securities noted in question 15
    above, Alex Maloney also holds the following
    interests in the Company:
                                                              Christopher Head
                                                              + 44 (0) 207 264
                                                              4145
    Restricted Share Scheme Awards Bonus Deferral Plan -
    67,397 (vesting is subject to time and employment
    conditions only)

    Restricted Share Scheme Awards-

    500,510*



    *Pursuant to the Rules of the Restricted Share
    Scheme, the number of shares that will actually vest
    depends on the satisfaction of certain conditions
    including employment, performance and time
    conditions.

    N.B: Alex Maloney has sold only the number of shares
    required to cover tax liabilities and has retained
    the remainder of the resulting shares.


Name of authorised official if issuer for making notification



Christopher Head

Company Secretary

26 March 2015