B F Caudle Agencies Ltd

Current Syndicates - 780
Other Syndicates of Interest

08 May 2001Kingsmead and B.F. Caudle announce changes
Following a recent review of both managing agencies, which are part of the Advent Capital Holdings Group, the Board of Kingsmead has announced some proposed changes within the companies, some of which are subject to Lloyd's approval:

· It is likely that the management of Syndicates 2 and 506 will be transferred to B.F. Caudles Agencies Ltd for the 2002 year of account.

· It is proposed that, for the 2002 year of account, Syndicate 506 will operate as a parallel with Syndicate 780, allocating predetermined lines of capacity to the syndicate.

· The underwriting team of Syndicate 506 will continue to underwrite within the 2001 Business Plan for the 2001 year, with the following exceptions:

Graham Pipe, the Active Underwriter and Derek Johnson, Casualty Underwriter, will be leaving the Group.

John Plant, has decided to retire from his role as Group Chief Executive and will leave the company following the integration of the two companies.

11 July 2000Advent to increase underwriting capacity with the acquisition of Kingsmead
Advent Capital (Holdings) PLC ("Advent") has agreed to acquire, subject to Lloyd's approval, the entire issued share capital of Kingsmead Underwriting Agency Limited ("Kingsmead") together with its associated Lloyd's dedicated corporate member, Heraldglen Limited.

As a result of this acquisition, Fairfax Financial Holdings Limited ("Fairfax"), a Canadian based financial services holding company, would become a substantial shareholder of Advent.

Fairfax has also given a five-year commitment to Advent to provide support to B.F. Caudle Agencies Limited and Kingsmead syndicates through a Letter of Credit of £10M. This will result in Advent having Funds at Lloyd's of some £142M to support underwriting capacity.

Based on the existing capacity levels for 2000, the combined underwriting capacity of the two managing agents would be £300M of which Advent would own 62%. B F Caudle and Kingsmead will continue to operate as individual units for the 2001 year of account.

Advent currently owns approximately 42% of Syndicate 780's underwriting capacity for the current underwriting year of account. In 1999 Advent merged with B F Caudle, the managing agent of Syndicate 780, to create an Integrated Lloyd's vehicle.
03 November 1999B.F. Caudle propose merge with Advent Capital (Holdings) PLC
The Board of Advent Capital (Holdings) PLC, (ACH) has reached agreement with the shareholders of B.F. Caudle Agencies Ltd to merge the two businesses, thereby creating an integrated Lloyd's vehicle.

B.F. Caudle Agencies Ltd has managed the underwriting business of Non Marine Syndicate 780 in Lloyd's since 1975.

ACH has been operating since 1995.

The enlarged group will go into next year with an overall underwriting capacity through Syndicate 780 of £85m, of which ACH will be providing some £35m of capacity (41.3%).

The merge coincides with expansion at both management and underwriting levels within the group. Brian Caudle becomes Executive Chairman and Keith Thompson has been appointed Chief Operating Officer of Advent. Both will continue to have executive roles within B.F. Caudle Agencies with Keith Thompson being the Managing Director. Brian Caudle will also become the Director of Underwriting, with the underwriting team of Syndicate 780 being headed by Lloyd Tunnicliffe.

The proposed merger, which will be put to the ACH shareholders next month, will result in the ongoing management having a significant financial interest, with Brian Caudle, his family, and associated companies representing some 47% of the share capital.
13 September 1999Lloyd Tunnicliffe appointed Active Underwriter of 780
Lloyd's Authorisation Committee has granted consent to the appointment of Lloyd Tunnicliffe as Active Underwriter.
30 June 1999Syndicate 780 appoint new Underwriting Staff
B.F. Caudle has announced that, in addition to Lloyd Tunnicliffe, they have made further appointments to their underwriting team.

Neil Morrell will be joining the Syndicate to develop the existing liability account (predominantly on a reinsurance basis) and Jonathon Price will join to underwrite the Personal Accident account.
28 May 1999B.F. Caudle appoint new Underwriter of Syndicate 780
B.F. Caudle Agencies Ltd have announced that, subject to Lloyd's approval, Lloyd Tunnicliffe will become the active Underwriter of Syndicate 780 for the 2000 year of account, taking over from Brian Caudle who will become Director of Underwriting.

Lloyd Tunnicliffe is currently Senior Vice President of CNA Reinsurance in London responsible for the North American Unit which generates premium income of some US$90 million.
22 April 1999B.F. Caudle and Advent Capital appoint non-executive Directors
Ray Salter and Peter Cresswell have been appointed non-executive Directors of B.F. Caudle Agencies Ltd. David Taylor Rea, previously of Littlejohn Frazer, has become a consultant for B.F. Caudle Holdings Ltd.

B.F. Caudle have strong links with Advent Capital (Holdings) Plc. Caudle have therefore advised that Stanley Zax (Chairman and President of Zenith National Insurance Corporation) and Ray Salter have been appointed non-executive Directors. In addition, Julia Burge, formerly of Eversheds, has taken up the position of company secretary of the Advent Group.

 
 

Home | Links | News
Design & Content Copyright © 2001 Greenwich Services Ltd