Greenwich Group - Add title

10 January 2003

Management of Nuclear Syndicate 1176 transferred to Chaucer
Cox Insurance Holdings PLC and Chaucer Holdings PLC have announced that their respective managing agencies have entered into agreements whereby, subject to Lloyd's consent, Chaucer Syndicates Ltd ("Chaucer") will assume the management of Cox Syndicate Management Ltd ("Cox") Nuclear Syndicate 1176 for the 2003 and subsequent years of account.

The syndicate will have a capacity of Ł15M, in which Chaucer in-house capital will have an interest of Ł3M.

Michael Dawson, who remains an Executive Director of Cox, is the active underwriter of Syndicate 1176. He will be released to Chaucer for up to two days a week under a consultancy agreement commencing 1st January 2003.

In addition to a fee in respect of Michael Dawson's services, Chaucer will pay Cox an immediate cash consideration of Ł70,000 and 40% of any profit commission received by Chaucer in respect of Syndicate 1176 for the 2003 year of account, 30% for 2004 and 20% for each of the 2005 and 2006 years of account. There are no tangible assets involved in the transaction and the overall value of consideration receivable by Cox will not exceed Ł5M.