Lancashire Holdings has joined the growing list of insurance and reinsurance firms listing on the Bermuda Stock Exchange.

The company, which has a market capitalisation of $1.38 billion decided to sign up for a secondary listing on the BSX in a bid to improve its visibility in the Island's business community and to provide support to the local economy where it is headquartered, according to chairman Martin Thomas.

Lancashire Holdings was incorporated in October 2005 in the wake of hurricanes Katrina, Rita & Wilma and raised $1 billion via an IPO and went public on the AIM of the London Stock Exchange on December 16, 2005.

The funds raised were used to capitalise a Class 4 Bermuda insurance company, Lancashire Insurance Company and in August 2006 Lancashire Holdings had a UK underwriting company authorised by the FSA - Lancashire Insurance Company (UK) and in March this year set up a marketing office in Dubai. The Lancashire Group has 75 employees, including 42 in Bermuda.

Greg Wojciechowski, president and CEO of the BSX, said: "From our perspective, we are just delighted that they have chosen to list on the BSX and we are able to attract insurance and reinsurance companies that are domiciled and doing business in Bermuda.

"Right in the beginning when we launched the exchange ACE and XL were the first to list on the exchange and we have had representatives from each of the new classes of insurance company starting up.

"It is a product area that we would like to develop more with the companies to see some of the products that they do which can be listed and traded on the exchange in their own right.

"We have developed a separate set of regulations that are specific to those types of securities and it is good to see all of the different parts are coming together now. There is definitely another insurance company that is imminently set to list on the BSX and we are continuing to work with others as well."