Lancashire Holdings

Net Asset Value • Dec 19, 2025

National Storage Mechanism | Additional information

LANCASHIRE HOLDINGS LIMITED

19 December 2025

Hamilton, Bermuda

Lancashire announces S&P Global Ratings upgrade to ‘A’ with stable outlook

Lancashire Holdings Limited (the “Company”) announces that S&P Global Ratings (“S&P”) has raised its long-term issuer credit and financial strength ratings on the Company’s core (re)insurance operating subsidiaries to 'A' from 'A-'.

It has also raised its long-term issuer credit rating on the Company to 'BBB+' from 'BBB'. The outlook is stable.

Announcing the ratings action, S&P said Lancashire continues to strengthen its competitive position through broader product offerings, an expanded geographic footprint, and growth in less-volatile lines.

It said these developments have improved portfolio resilience and earnings quality, enhancing the Company's ability to absorb losses through earnings.

It added that the stable outlook reflects S&P’s expectations that Lancashire will sustain improved operating earnings while effectively executing its diversification strategy. It also expects that the Company's strong enterprise risk management framework will keep pace with its expansion into new business lines and regions.

For further information, please contact:

Lancashire Holdings Limited Christopher Head	[email protected]
Jelena Bjelanovic	[email protected]

About Lancashire

Lancashire, through its operating subsidiaries, is a provider of global specialty insurance and reinsurance products.

Lancashire’s common shares trade in the equity shares (commercial companies) category of the Main Market of the London Stock Exchange under the ticker symbol LRE. Lancashire has its head office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The Bermuda Monetary Authority is the Group Supervisor of the Lancashire Group.

For more information, please visit Lancashire’s website at www.lancashiregroup.com.

This release was submitted for publication, through the agency of the contact persons set out above, at 1.55pm GMT on 19 December 2025.

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

ALL FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP’S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

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