Warning: cannot find specified Chunk.
We have audited the accompanying consolidated financial statements of Lancashire Holdings Limited and its subsidiaries
(collectively the “Group”), which comprise the consolidated balance sheet as at 31 December 2008 and the consolidated income
statement, consolidated statement of changes in shareholders’ equity and consolidated cash flow statement for the year then ended,
and a summary of significant accounting policies and other explanatory notes.
Management’s responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with
International Financial Reporting Standards as adopted by the European Union. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates
that are reasonable in the circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.
We read other information contained in the Annual Report and consider whether it is consistent with the audited consolidated
financial statements. This other information comprises the Introduction, Lancashire at a Glance, Chairman’s Statement, Business
Overview, Business Review, Directors’ Report, Corporate Governance, Directors’ Remuneration Report and Statement of Directors’
Responsibilities. We consider the implications of our report if we become aware of any apparent misstatements or material
inconsistencies with the consolidated financial statements. Our responsibilities do not extend to any other information.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Group as of 31 December 2008, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union.
10 March 2009
#3 Reid Street
Hamilton, Bermuda