Lancashire Holdings Limited

Bermuda based Insurance and Reinsurance Company

CZP sponsored Lancashire, a start-up Bermuda-based insurance and reinsurance company, in December 2005. After numerous storms led to record losses in the insurance and reinsurance industry resulting in an overall reduction in market capacity, Lancashire was capitalized with over $1 billion in capital. Lancashire’s focus is on writing coverages in the retrocession, marine and energy and property markets. The company’s underlying objective is to take advantage of the favourable underwriting resulting from the market dislocation caused by historically large insured losses incurred during 2004 and 2005. Lancashire will conduct its operations and be managed and controlled from Bermuda. With a strong management team, Lancashire is well positioned to effectively compete with both incumbent players and other start-ups. Lancashire is listed on the London Stock Exchange Alternative Investment Market (“AIM”) exchange under the symbol (LRE).