Global specialty insurer and reinsurer Lancashire Holdings Ltd. is launching a new capital management brand, Lancashire Capital Management, as it seeks to benefit from opportunities in the third-party capital market.The new unit will be headed by Lancashire Insurance Company Ltd.'s chief underwriting officer, Simon Fascione, who is based in Bermuda. The unit will manage and execute the suite of existing managed premium strategies, while working to develop future products and structures. Unlike the reinsurer's existing temporary sidecar structures, the new unit will likely provide a more permanent investment structure.Commenting on the announcement, Richard Brindle, Lancashire Group CEO, said: "The creation of Lancashire Capital Management is an exciting and logical step for Lancashire given the ongoing evolution of the third party capital market.“We have an established track record in relation to the management of third party capital investments via Sirocco, Accordion and more recently Saltire.“This announcement further illustrates our commitment to ensure we are continually exploring all avenues of innovation to meet the complex needs of both our clients and investors. Lancashire Capital Management will enhance the Group's ability to match supply with demand within an industry in transition.”Mr Fascione's appointment to head up the new unit is subject to the approval of the Bermuda Department of Immigration.