Lancashire non-exec sells all his shares

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.

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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