Greenwich Group - Managing Agents

Current Syndicates - 44, 270, 544, 657, 741, 839, 866
Other Syndicates of Interest

	20 April 2001	Trenwick announces changes at Chartwell Trenwick Group Ltd has announced various changes within its UK operation, Chartwell Managing Agents Limited (Chartwell). Michael Watson will become Chairman and Chief Executive of Chartwell and Trenwick International Ltd with effect from 1st May 2001, subject to regulatory approval. Mr. Watson was previously Chief Executive of Fairfax Financial Holdings' London and Bermuda Operations. Pierre Croizat, the current Chairman and Chief Executive Officer of Chartwell Ltd and Trenwick International Ltd, is retiring. David Marshall, the current Active Underwriter of Syndicate 839, is leaving the Group and his successor has yet to be named. James Giordano, currently Senior Vice President and Chairman of the Underwriting Committee of Trenwick America Reinsurance Corporation, will be relocating to London to become Underwriting Director of the UK operation. We understand that Brian Horwell, the Deputy Underwriter of Syndicate 839, and Peter Wright, the head of the Syndicate's Marine Underwriting Team, are also leaving the Company.
	07 June 2000	Hiscox acquires Chartwell Underwriting Hiscox has entered into an agreement to acquire the UK regional distribution network of Trenwick subsidiary Chartwell Underwriting. Under the terms of the deal, Hiscox will pay Ł500,000 ($750,000) for the operation which will give it the right to renew up to Ł20m of speciality business underwritten in Chartwell's five regional offices in Glasgow, Birmingham, Chelmsford, Leeds and London. Chartwell's 30 staff members will be transferring to Hiscox, however, managing director, Michael Earp will not be moving across and Chartwell will be managing their own claims run-off. The transaction is expected to be completed by the end of the month.
	20 April 2000	Chartwell agree RITC for 1997 and 1998 years of account The board of Chartwell Managing Agents Limited ("CMA") has announced that the 1997 and 1998 accounts of Syndicate 866 will be closed direct into another Lloyd's syndicate by reinsurance to close, as at 31st December 1999 and 31st December 2000 respectively. Quotations for a reinsurance to close, for the 1997 and prior accounts, were sought from the market through a Lloyd's broker who was also directed to seek quotations for a 100% quota share reinsurance, for the 1998 account, both to be effected at 31st December 1999. The syndicate received a number of indications, two of which ultimately became firm quotations. CMA has advised that the wording of the 1998 quota share reinsurance contract is such that there should be only minimal further movement to report next year, relating to the costs of closure including a nominal premium of Ł1 for the reinsurance to close contract. Following a review of the quotations, the Board of CMA has accepted those that were most competitively priced. The premium for the 1997 and prior accounts reinsurance to close is Ł24,812,000, whilst the premium for the 1998 account 100% quota share reinsurance contract totals Ł31,103,000. The impact on Members, of the acceptance of the 100% quota share reinsurance contract for the 1998 year of account, is that it needs to be funded shortly. This will result in the syndicate having to make cash calls on the 1998 account of 52.5% of stamp capacity, subject to final audit, in addition to calling the balance of the uncalled loss on the 1997 account, both payable on 20th June 2000.
	15 March 2000	Marine Binder from Syndicate 839 to specialist Risks Underwriters Limited With effect from 1st April 2000, the marine division of Syndicate 839 will be writing mainly yacht and pleasure boat business via an underwriting agent, Specialist Risk Underwriters Limited ("SRUL"), which is a part of the Trenwick Group. As Chartwell Managing Agents Ltd ("CMAL") is also owned by the Trenwick Group, SRUL comes under the definition of a related party for which Lloyd's consent is required. Accordingly, an application has been lodged with Lloyd's to enable Syndicate 839 to write this business via a binding authority placed with SURL.
	11 February 2000	Syndicate 44 - Proposed RITC of Syndicate 240 Chartwell has received Lloyd's approval to close all four open years of Syndicate 240 by means of a transfer of assets into the 2000 account of Syndicate 44.
	04 January 2000	Trenwick Merger US-based Trenwick Group and Bermudian Company LaSalle Re Holdings Ltd have announced that they are to merge their operations to create a global insurance and reinsurance underwriting organisation capitalised in excess of US$1.2B. The new organisation is to be called Trenwick Group and will be based in Bermuda. The Chairman and Chief Executive Officer of Chartwell Managing Agents and Chairman of Trenwick International will remain the same, namely Pierre Croizat. Russell English will continue as Managing Director of Trenwick International and David Marshall as Underwriter of Chartwell's Syndicate 839.
	22 November 1999	Syndicate 839 Underwriter resigns membership As a result of a review of his RBC/Solvency requirements for next year, David Marshall will cease to be a member of Lloyd's and of Syndicate 839 through his inter-availability vehicle, Sands Underwriting Ltd., as at 31st December, 1999.
	06 October 1999	Syndicate 44 - proposed RITC of Syndicate 240's open years Syndicate 44 has quoted a premium for the reinsurance to close of all four open years of Syndicate 240 (1991, 1992, 1993 & 1994). The aggregate premium for all four accounts is Ł775,000 and it is intended that the transaction will be by means of a transfer of assets into the 2000 year of account of Syndicate 44, subject to the consent of Lloyd's. Members of the Syndicate are entitled to make representations to Lloyd's within twenty-one days.
	30 September 1999	Chartwell 240 closes into 44 David Poulten, who is the Underwriter of Short Term Life Syndicate 44, has been appointed run-off Underwriter of Syndicate 240 following the retirement of John Wilson earlier this year. In the Report & Accounts as at 31st December, 1998, CMA reported on the abortive attempt to close the open years of Syndicate 240 by reinsurance to close. They have now received a quotation for the reinsurance to close of all four open years from Syndicate 44 and believe that acceptance of this quote is the best available option at this time.
	30 September 1999	Chartwell Syndicates 923/947 run-off Syndicates 923 and 947 The Syndicates 1996 Accounts remain open as at 31st December, 1998 owing to the uncertainty surrounding the run-off of the extended warranty account for 1996 and earlier years. The scale of the deterioration in the 1998 actuarial loss projections gave rise to doubts as to whether further significant movements could be expected in the future. Also the number of disputes relating to poor claims handling raised the possibility of substantial recoveries from the administrators of these extended warranty contracts, as well as from other third parties. In each case, the magnitude of uncertainty was sufficient to preclude the Syndicates from establishing an equitable RITC premium to close the 1996 Account. A steering committee has been formed which intends to seek full legal redress against third parties and it is likely that arbitration or litigation will commence in more than once instance.
	22 September 1999	Chartwell agree bilateral deals with Hampden and Richmond Oak Dedicated Limited, a connected company of Chartwell Managing Agents Limited, has agreed bilateral deals with the members of Syndicate 270 listed below to acquire participation rights for the 2000 year of account at a price of 15p per Ł1 in respect of the full amount of their eligible capacity (being their 1999 capacity less, in respect of MAPA's, amounts to which members who have given notice to leave are entitled); Member Capacity Hampden Agencies Ltd MAPA 7104 Ł1,850,989 Hampden Agencies Ltd MAPA 7039 Ł895,925 Hampden Agencies Ltd MAPA 7071 Ł1,486,545 Hampden Agencies Ltd MAPA 7076 Ł1,366,808 Hampden Agencies Ltd MAPA 7020 Ł616,228 Richmond Underwriting Ltd MAPA 7102 Ł331,904 Total Ł6,548,399 It is the intention of Oak Dedicated Ltd to complete the bilateral deals in full, notwithstanding any interaction with capacity tendered in the auction. The total capacity on Syndicate 270 for the 1999 account is Ł60,000,617, of which Ł20,285,375 is provided by dedicated corporate members, none of which will tender capacity in the auction. Rights to participate for the 2000 year of account for a further Ł28,222,551 have been either purchased by the dedicated corporate members in the first four capacity auctions or nominated to them.
	21 September 1999	Results of Chartwell Merger Ballots Chartwell Managing Agents Ltd (CMA) held Syndicate meetings on 10th September 1999 for the purpose of considering and voting on the merger proposals. The percentages of the vote by capacity attributable to those voting in favour were: Syndicate 947 - 100% Syndicate 994 - 99.87% The results of the ballots have been confirmed by the recognised auditors of the Syndicates and CMA Ltd has applied to Lloyd's for approval of the proposed Syndicate merger under the Major Syndicate Transactions Byelaw (No.18 of 1997) and for consent to give members of the Syndicate notice of termination of their agency agreements under the terms of the Agency Agreements Byelaw (No.8 of 1998).
	17 August 1999	Syndicate 544 - Mandatory Offer At Lloyd's request, Chartwell have clarified that their discussions regarding their obligation to make a mandatory offer in respect of rights to capacity on Syndicate 544 relate solely to the requirement to make a mandatory offer and that it is not their intention to subscribe for capacity in Auction 3.
	16 August 1999	Ockham withdraw from proposed sale of Lutine In July, Cassidy Davis Syndicate Management Ltd., Chartwell Managing Agents Ltd., RGB Underwriting Agencies Ltd. and Wren Syndicates Management Ltd. received an approach from the Ockham Group which might have led to a sale of their respective shares in Lutine Assurance Services Ltd. (Lutine). The Ockham Group has now withdrawn the proposals, as non-Ockham Group shareholders of Lutine recently decided to commission financial advisers to advise on other sale possibilities, including by selective competitive tender. It should also be noted that if there is a sale, we believe the sellers will account for the net sale proceeds to the members of their respective managed Syndicates concerned for the year of account current at the time any sale is concluded. Therefore subscribers for and tenderers of capacity on Syndicates 779, 44, 429, 1171 and 389 for year 2000 in the 1999 Auctions should continue to be aware that the net proceeds of any sale may or may not be significant, considered in terms of pence per Ł1 of 1999 capacity of the Syndicates.
	30 July 1999	Proposed acquisition of Syndicates 947 and 994 by Greenwich Insurance Holdings Plc. The Boards of Chartwell Managing Agents Limited ("Chartwell") and Greenwich Insurance Holdings Plc. ("Greenwich") are pleased to announce that they have reached agreement in principle for the acquisition of Syndicates 947 and 994 by Greenwich. Under the proposed agreement, Greenwich Managing Agency Limited ("GMA"), a wholly owned subsidiary of Greenwich, would acquire the right to manage the Syndicates for the 2000 year of account; in addition the current open years of account of Syndicates 923/2923, 947/2947 and 994 will be managed by GMA. This transaction is subject to the approval of Lloyd's and consultation with capital providers. Consideration for the acquisition includes a rebate to Chartwell of a proportion of net profit commissions due to the Managing Agent for the 2000, 2001 and 2002 years of account. Subject to the approval of Lloyd's and capital providers it is proposed to merge the businesses of 994 and 947 for the 2000 year of account. The merged Syndicate will write broadly the classes of business currently written by Syndicates 947 and 994 and will have a capacity in the region of Ł55m for the 2000 year of account. The Active Underwriter will be Cliff Simmonds, MA FCII and the Deputy Underwriter will be Jeremy Walker, BA ACII. Bill Deem, current Active Underwriter of Syndicate 994, will take on a new role as Business Development Consultant whilst also retaining responsibility for the close of the 1997 Account.
	30 July 1999	Mandatory offer from Oak Following Auction 2, Oak Dedicated Limited, in conjunction with related companies, is entitled to participate in Syndicate 544 for 2000 with a premium limit of not less than 75% of the Syndicate's capacity. Oak is therefore obliged, under the Mandatory Offer Byelaw, to make an offer to the remaining members who are entitled to participate in Syndicate 544 for year 2000.
	28 July 1999	Syndicate 544 - Bilateral Deals Chartwell Managing Agency has announced that Oak Dedicated Ltd has agreed bilateral deals with various members of Syndicate 544 to acquire participation rights for the 2000 year of account, totalling Ł9,024,968, at a price of 5.0p per Ł1 in respect of the full amount of their eligible capacity (the equivalent of their 1999 participation less, in respect of MAPA's, amounts to which members who have given notice to leave are entitled). The bilateral transactions will take place parallel to and interact with the second Lloyd's capacity auction. Oak Dedicated has agreed that it will complete the bilateral deals in full, notwithstanding any interaction with capacity tendered in the auction. The total capacity of Syndicate 544 for the 1999 year of account is Ł33,447,548, of which Ł17,583,657 is provided by dedicated corporate members, none of which will tender capacity in the auction.
	13 July 1999	Chartwell Loading Lloyd's have advised Chartwell Managing Agents Ltd. (CMA) that a loading of 10% has been included in the risk assessment computation used to calculate the minimum capital requirement of those members for whom CMA will act in respect of the 2000 year of account. CMA is working with Lloyd's Regulatory Division with the objective to eliminating the need for this loading prior to the coming-into-line requirements for 2000.
	08 July 1999	New Marine joint venture for Chartwell Chartwell Re Corporation have recently announced a new joint venture with Swiss Re and Thomas Miller & Co. Ltd., involving the formation of a new Lloyd's Syndicate to underwrite blue water hull risks. They envisage that the new Syndicate will effectively be owned 78% Swiss Re and 22% Chartwell and will be managed by Chartwell Managing Agents Ltd. Subject to Lloyd's consent, Peter Wright, Underwriter of Syndicate 741/2741 will become the Underwriter of the new Syndicate. They propose to transfer the direct hull risks and increase value business within Syndicate 741/2741 to the new Syndicate (so that such risks incepting on and after 1st January, 2000, would be written by the new Syndicate).
	05 July 1999	That's Life! Cassidy Davis Syndicate Management Ltd., Chartwell Managing Agents Ltd., RGB Underwriting Agencies Ltd. and Wren Syndicates Management Ltd. have announced that they have received an approach from Ockham Group which may or may not lead to a sale by them of their respective shares in Lutine Assurance Services Ltd.
	22 June 1999	Trenwick Group Plc to acquire Chartwell Re Trenwick Group Plc and Chartwell re Corporation have announced that they have signed a definitive agreement for Trenwick to acquire Chartwell. The transaction is subject to the approval of the respective companies' shareholders, expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, regulatory approvals and other customary closing conditions. Chartwell is the ultimate holding company of Chartwell Managing Agents Limited, the managing agent of Syndicates 44, 270, 544, 741, 2741, 839, 947 and 994.
	03 June 1999	Chartwell Syndicate merger deadline extension Lloyd's has granted Chartwell consent for late notice of termination of Agency Agreements until 31st July, 1999. Approval has also been granted to extend the deadline for merger documentation to be despatched to Members to 30th June, 1999.
	12 May 1999	Chartwell to merge certain non-life Syndicates for 2000 Year of Account Chartwell have announced that, subject to Lloyd's approval and the consent of capital providers, they propose to merge Syndicates 270, 544, 741, 2741 & 839 for the 2000 year of account. The Active Underwriter of the resulting Syndicate 839 will be David Marshall who is currently the underwriter of Syndicate 839. The focus of the new merged Syndicate will be on its core units. The senior underwriters of each of these units will be: Gerard Knowles - Aviation Peter Wright - Marine Christopher McGinn - Non-Marine Personal Lines Brian Horwell - Non-Marine Casualty Chartwell have also confirmed that, due to the general non-marine business profile of Syndicates 947 and 994 are less consistent with the new direction of Syndicate 839 and therefore they have started negotiations for these Syndicates to be acquired by alternative managing agents.
	06 April 1999	Chartwell to make Cash Calls during 1999 Syndicate 866 The 1997 year of account is projecting a loss of between 31% and 38% of capacity. The Syndicate will make an advance cash call of 15% of stamp which will be due for payment on 30th June 1999. Syndicate 994 In order to alleviate cash flow restrictions caused by the US trust fund requirements, the Syndicate has found it necessary to make a cash call of 4% of capacity in respect of the 1997 year of account, due for payment on 30th June 1999. Syndicate 923 / 947 & parallels Following the decision to leave these Syndicates open, the declared deficit on the 1996 year of account of these Syndicates will be called for payment by 30th June 1999. Chartwell have reported that these Syndicates have also been affected by the restrictions of cash flow caused by the US trust fund requirements.
	17 March 1999	Chartwell close 657 but leave open 240 and 923 Syndicate 240 Regrettably, despite early indications that it would be possible to effect a reinsurance to close for all four open years of account of Chartwell Syndicate 240, this has not proved the case. Accordingly, all years will remain open. Syndicates 657 and 839 Chartwell have advised that, subject to Lloyd's approval, the 1994, 1995 & 1996 Accounts of Syndicate 657 will be closed into the 1999 Account of Syndicate 839 as at 31st December 1998. Syndicates 923/947 Chartwell have concluded that they are unable to set a reinsurance to close premium for the1996 year of account of Syndicates 923 & 947.
	11 March 1999	Chartwell Syndicate 839 to reinsure Syndicate 657 Syndicate 839's quotation for the reinsurance to close the open 1994, 1995 and 1996 years of account of Syndicate 657 has been accepted (839 has quoted a premium of Ł85.7m). It is Chartwell's intention, subject to Lloyd's approval and final audit, to take the 657 reinsurance to close into the 1999 year of account of Syndicate 839 by means of a transfer of assets.
	08 February 1999	Extended Warranty Update - Syndicate 994 This syndicate's involvement in these contracts is considerably smaller than syndicates 947/2947 and 923/2923 (please see relevant pages). Chartwell have stated that they are making every effort to ensure that this syndicate's 1996 account is closed at the normal time.
	08 February 1999	Extended Warranty Update - Syn 947/2947 and 923/2923 Following the severe deterioration to various contracts advised to the market by Chartwell, they have now formed a Market Steering Group to investigate the reasons for the deterioration and to identify any factors which could mitigate the losses. The Group includes representatives of major participants and legal advisers to the slip. It is likely to be a protracted process, and in the meantime, in the interests of equity between Names on the 1996 and 1997 accounts, Chartwell is considering leaving the 1996 accounts open, and is investigating availability of external reinsurance and will be reporting more fully at the end of February/early March.
	04 February 1999	Quotation Delayed - Syndicate 657 - 1994/5/6 Years of Account Chartwell have informed the market that there will be a further short delay in receiving a RITC quotation for these years of account, while potential reinsurers make final assessments of the figures as at 31st December 1998. They are optimistic that a satisfactory quote will be obtained and have applied to Lloyd's for an extension to the 1st March syndicate return deadline.
	12 January 1999	RITC Quote Imminent for 657 At the last capital providers meeting on 9th December 1998 Keith Davies (RITC Adviser) announced that he was optimistic of being able to recommend a RITC quotation for the 1994/5/6 years of account early in the New Year. Negotiations are progressing well with several indications being pursued and a firm proposal from Chartwell is imminent.
	02 December 1998	Synds 947/2947 & 923/2923 - 1996 Year of Account Two auto extended warranty accounts led by syndicate 947 have suffered adverse claims development. Annual actuarial reports for Chartwell's North American extended warranty accounts have been received that show that HonorGuard and GECC, written under the Byas Mosley lineslip, having an unexpected deterioration in the projected ultimate loss ratios. The change in the 1996 forecasts are as follows: June 1998 September 1998 Best Worst Best Worst 947 9.0% 4.0% (2.5%) (7.5%) 2947 7.6% 2.6% (4.0%) (9.0%) 923 13.0% 8.0% (2.5%) (7.5%) 2923 11.7% 6.7% (4.0%) (9.0%) Syndicates 947/2947 & 923/2923 - 1996 Year of Account Extended Warranty Lineslip goes sour Two auto extended warranty accounts led by syndicate 947 have suffered adverse claims development. Annual actuarial reports for Chartwell's North American extended warranty accounts have been received that show that HonorGuard and GECC, written under the Byas Mosley lineslip, having an unexpected deterioration in the projected ultimate loss ratios. The change in the 1996 forecasts are as follows: June 1998 September 1998 Best Worst Best Worst 947 9.0% 4.0% (2.5%) (7.5%) 2947 7.6% 2.6% (4.0%) (9.0%) 923 13.0% 8.0% (2.5%) (7.5%) 2923 11.7% 6.7% (4.0%) (9.0%) The causes and effects of the deterioration are being discussed with the syndicate's consultant actuaries and Chartwell's in-house actuarial department and will also be checked by Bacon & Woodrow London Market Services Limited. Extended Warranty business will no longer be written by syndicate 947 in 1999 with the consequent negative impact on stamp utilisation. Syndicate 994 Extended Warranty & Contingency losses The 1996 account forecast has also been severely impacted by adverse performance, primarily from their involvement in the Byas Mosley Extended Warranty lineslip. The syndicate's involvement spans from 1994 to 1997. There are two further late claims affecting the 1995 contingency account which may potentially cost the syndicate about US $1.1 m. Further news is expected.

Current Syndicates - 44, 270, 544, 657, 741, 839, 866 Other Syndicates of Interest

Current Syndicates - 44, 270, 544, 657, 741, 839, 866
Other Syndicates of Interest