Lancashire Holdings non-executive director Barry Volpert's private equity firm Crestview has sold all of its common shares in the property, aviation and marine insurer.
The latest disposal generated £22m and takes the amount raised by Crestview in the past fortnight to more than £29m.
Crestview sold its entire holding of 4.43m common shares at an average of 496.77p each.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Near the end of June, Crestview raised more than £4.7m from share disposals and on 1 July Lancashire bought 500,000 shares back from Crestview at 496p each.
Crestview owns no common shares but retains founder warrants equivalent to 0.76% of the diluted share capital.
Net premiums written more than doubled from $99.2m to $203.5m in the first quarter of 2010. Lancashire had a book value per share of $7.38 at the end of March 2010.
Lancashire has secured a $200m two year credit facility with Lloyds and will report its second quarter figures on 5 August.
Top Director Buys
InterContinental Hotels Group (IHG) Director name: Mr Graham AllanAmount purchased: 2,000 @ 1,068.00p Value: £21,360
Top Director Sells
Lancashire Holdings (LRE) Director name: Mr Barry Stuart VolpertAmount sold: 4,429,120 @ 496.77p Value: £22,002,539
Halma (HLMA) Director name: Mr Andrew WilliamsAmount sold: 172,458 @ 271.03p Value: £467,413
Advanced Computer Software (ASW) Director name: Mr Michael JacksonAmount sold: 837,000 @ 37.00p Value: £309,690
Halma (HLMA) Director name: Mr Kevin J ThompsonAmount sold: 98,447 @ 271.03p Value: £266,821
Halma (HLMA) Director name: Mr Neil QuinnAmount sold: 64,824 @ 271.03p Value: £175,692
Halma (HLMA) Director name: Mr Adam MeyersAmount sold: 21,605 @ 271.03p Value: £58,556
Halma (HLMA) Director name: Mr Carol ChesneyAmount sold: 7,937 @ 271.03p Value: £21,512
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
