Cathedral acquired by Lancashire Holdings
Cathdral Capital Limited, parent to the managing agent of Syndicate 2010, has today announced that it will be acquired by Lancashire Holdings Limited, a UK listed but Bermuda registered insurer. Cathedral has issued the following press release
Issued on behalf of Cathedral Capital Ltd
07 August 2013
The Board of Cathedral Capital Limited (“Cathedral”) is pleased to announce that it has reached agreement (subject to regulatory consent) with Lancashire Holdings Limited (“Lancashire”) to acquire Cathedral.
John Hamblin, Active Underwriter of Cathedral Syndicates 2010 and 3010 said “This brings two strong underwriting cultures together and gives the enlarged group platforms in London, Lloyd’s, Bermuda and in the Capital Markets. Cathedral will continue to serve its customers, brokers and Names in the same consistent way it has since it was founded in 2001, but with a wider set of options for all of our stakeholders.
“We are all looking forward to working with Lancashire to bring the best in the two businesses together in such a way that in the years ahead we can continue to deliver, and to enhance, the high level of service, reputation and profitability we have both delivered in the past.”
Peter Scales, CEO of Cathedral said “I am delighted that we have successfully reached the conclusion of our sales process and will be taking our business forward within Lancashire.
"I believe that our business is not only going to thrive in its new home, but will now be part of a group where the shared experience of the teams coupled with the flexibility of a wider platform, will give us a highly effective structure that is suited to take on the challenges of a changing market place.
“Whilst it will continue to be very much business as usual at Cathedral from a day to day trading perspective , I am excited by the additional value that we may bring to the existing Lancashire underwriting and third party capital business and the value they will bring to building out the Cathedral platform.
“On a personal note I would like to thank Richard and his team for the honest, direct and enthusiastic approach they exhibited through the process, which not only made the choice of new home easier but bodes very well for moving forward together.”