R F Bailey (Underwriting Agencies) Ltd

Current Syndicates - 138
Other Syndicates of Interest

12 September 2000Syndicate 138 announce change of underwriter
R.F. Bailey (Underwriting Agencies) Limited has announced that it has now received approval from Lloyd's in respect of the appointment of Jonathon Gale as Active Underwriter of Syndicate 138 for the 2001 and subsequent years of account.
11 July 2000Cash Call on Syndicate 138
1999 & 2000 Account

R.F. Bailey (Underwriting Agencies) Ltd has announced that it will be making cash calls on the 1999 & 2000 Accounts of Syndicate 138. The Managing Agency confirms that these cash calls have arisen as a result of syndicate working capital requirements, rather than a result of poor trading, which is due to the increase in onerous regulatory funding, particularly in the US.

The Board expects to advise capital providers of the amount and timing of these cash calls in due course.

2001 Account

The Board of R.F. Bailey has announced its intention to make an advance cash call in respect of the 2001 Account of £7.2M, or 10% of capacity, assuming the 2001 capacity to be £72million.

A cash flow exercise carried out by R.F. Bailey has indicated that the syndicate will have insufficient funds to pay for its reinsurance programme, which is paid in advance, syndicate expenses as they become due and to finance the deposits required with respect to certain types of business, including the reserves required for the Trust Funds in respect of United States Situs business.
11 July 2000Change of Underwriter on Syndicate 138
R.F. Bailey (Underwriting Agencies) Limited has announced that, subject to Lloyd's approval, Jonathon Gale, currently Deputy Underwriter of Syndicate 138, has been appointed Active Underwriter of Syndicate 138 for the 2001 year of account. Jonathon joined the Syndicate in 1998 from CNA Re where he was Vice President and Director of CNA Reinsurance Company Limited.

Initially, Ralph Bailey, the current underwriter of Syndicate 138, will assist Jonathon Gale on underwriting issues, where required. Ralph Bailey will retain responsibility for the 2000 underwriting year but thereafter will focus on his role as Managing Director of the Underwriting Agency.
19 October 1999Syndicate 138 enter into 100% quota share with the Aligned Corporate Member

Syndicate 138 has received approval from Lloyd's to enter into a 100% Quota Share reinsurance arrangement with the owner of the Aligned Corporate Member (ACM), who wishes to underwrite non-U.S. business for certain of their commercial clients whose primary operations are in the U.S.

The ACM wishes to utilise Lloyd's licenses and infrastructure to benefit from the potential profitability of this non-U.S. business. To this end, it is intended that the owner of the ACM will utilise the newly formed relationship with Syndicate 138 to assist them in writing foreign exposures which are incidental to, and generally, very similar to their exposure in the U.S. Although the geographic spread will be world wide, it is envisaged that 90% of the business will emanate from Canada and Western Europe and is expected to consist mainly of property risks.

The non-U.S. element will be underwritten 100% by Syndicate 138 through a Lloyd's broker under a binding authority. This Contract will then be reinsured back to the owner of ACM via an unlimited 100% quota share arrangement, which will also provide a full hold harmless clause.

The owner of ACM will pay an overriding commission to Syndicate 138.

 
 

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