Greenwich Group - Add title

10 January 2003

Greenwich announce plans for 2003 Underwriting.
Greenwich Insurance Holdings plc ("GIH") is pleased to announce that it has reached agreement with Imagine Insurance Company Limited ("Imagine") whereby Imagine can acquire a two-thirds interest in GIH's subsidiary company Greenwich Managing Agency Ltd. ("GMA"). GMA's main business is the operation of a managing agency within the Lloyd's market in London. The transaction is subject to Lloyd's and Financial Services Authority (FSA) approval in the UK.

At the same time Imagine has provided capacity to support Syndicate 994 for the 2003 underwriting year through a new limited liability corporate member of Lloyd's. Syndicate 994's capacity for 2003 is Ł40.4m (2002 Ł70.4m). In view of the reduction in capacity GMA has decided to carry out a comprehensive review of its portfolio prior to committing substantial capacity to the current underwriting year. To this end the Marine Excess of Loss account, which has a significant 1 January renewal book, will continue to be written as normal. Other classes will be underwritten on a highly selective basis until the review is complete.

Richard Thynne, Chairman of GIH and Managing Director of GMA said, "I welcome the support we have received from Imagine and look forward to working with them on the development of GMA and Syndicate 994"

Brad Huntington, Co-Chief Executive Officer of Imagine said, "We are pleased to be able to support Syndicate 994 and to acquire a major interest in GMA. We see this as the start of long term relationships with both GMA and the Lloyd's Market which will give us the opportunity to build on our base of underwriting discipline and develop new products and solutions over the next few years."

The Imagine Group is a specialist finite-risk organization whose products deliver structured insurance and reinsurance capital solutions to clients worldwide. Imagine Insurance Company Limited is a Barbados incorporated company rated "A" (Strong) by Fitch and A- (Excellent) by A.M. Best.