Chaucer Syndicates Ltd

Current Syndicates - 173, 587, 1084
Other Syndicates of Interest

08 March 2000Chaucer Holdings PLC announces management changes
Chaucer Holdings PLC has announced that, subject to Lloyd's approval, the Group's principal operating subsidiary, Chaucer Syndicates Limited ("CSL") will make the following management changes:

Hugh Hayward, Active Underwriter of Syndicate 1084 will, in addition, becomes chairman of CSL.

Bob Stuchbery, currently Active Underwriter of Syndicate 1096, will relinquish this role in order to become Underwriting Director with overall responsibility for the underwriting operations of CSL. He will also become Chairman of the motor syndicate 587's Division Board. Bruce Bartell, currently Deputy Underwriter of Syndicate 1096, will succeed Bob Stuchbery as Active Underwriter.

Ewen Gilmour, Operations Director of CSL, will become Managing Director of CSL. He will also continue as Group Finance Director.

The following syndicate appointments will also be made:

Syndicate 587 - Mary Towndrow , currently Deputy Underwriter, will become Active Underwriter.

Syndicate 1096 - Bob Littlemore, currently Specialist Lines Underwriter, will become Deputy Underwriter of Syndicate 1096.

These changes follow the retirement of Malcolm Mackenzie, chief executive of Chaucer, and Ray Brick, underwriter of Syndicate 587, at the end of March and April respectively.

Ray Brick will continue as a non-executive director of CSL.
17 November 1999Chaucer Insurance Services Ltd. - Change of Status
For more than ten years, Syndicate 587 - Ibex Motor Policies at Lloyd's has underwritten its business via a service company, Chaucer Insurance Services Ltd. (CISL) which is a wholly owned subsidiary of Chaucer Syndicates Ltd. (CSL).

Ibex has recently announced that from the 2000 Account it intends to develop a significant non-Motor personal lines account and that CISL has an integral role to play in this strategy. An application to Lloyd's is in progress for CISL to: transact non-Motor as well as Motor personal lines business for Syndicate 587; transact commercial property business in Europe in order to facilitate the future expansion of Syndicates 1084 and 1096; and become profit making, to allow CHP to recover its initial investment and to provide funds to facilitate the continued development of CISL.

All transactions between CISL and the Syndicates will be conducted on an "arms length" basis and no expenses relating to the operation of CISL will be charged to the Syndicates.
02 July 1999Chaucer Personal Lines business - Syndicates 1096 and 587
Syndicate 1096 currently underwrites a small book of "homeowners" business as part of its U.K. property portfolio in conjunction with Ibex Motor Policies Syndicate 587. Chaucer propose to transfer their U.K. personal lines business, together with the relevant underwriting and marketing resources to Syndicate 587. It is their intention to merger their three managed Syndicates, including 587 for 2000.
02 June 1999Chaucer Syndicate merger proposal
It was Chaucer's intention to merge their managed Syndicates for the year 2000. They undertook a significant number of presentations to capital providers to set out the business rationale for the proposal but a number of parties were unable to give a positive indication of their intentions. Due to considerable costs that could have been incurred in both management and advisers' time and fees in preparing an offer document, Chaucer have decided not to proceed with their plans to merge the Syndicates for the year 2000. They will reserve their position for merging Syndicates for a future year of account. Chaucer have reminded capital providers that such a contingency may render a future merger proposal less attractive for Names than that outlined in their recent presentations.
29 January 1999Syndicate 173's proposed closure of 1996 and prior years of account
From 1993 to 1998 syndicate 173 has underwritten in consortium with syndicate 824 (now part of Amlin managed syndicate 2001). The Consortium Agreement terminated on 31st December 1998 and syndicate 173 ceased on that date. An offer has been received from syndicate 2001 to reinsure the outstanding liabilities of the 1996 year of account of syndicate 173 on the same basis as the RITC on the 1996 year of account for syndicate 824. Amlin have also given a written undertaking, on behalf of syndicate 2001, to syndicate 173, and subject to the relevant years of syndicate 2001 closing, they will offer terms for the closure of the 1997 and 1998 years of account at the appropriate time.

 
 

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