Cotesworth & Co Ltd

Current Syndicates - 535, 1688
Other Syndicates of Interest

31 August 2001Syndicates 535 and 1688 to suspend trading
The Directors of Cotesworth & Co Limited have announced their decision to suspend for the time being the underwriting of their two managed syndicates, Marine Syndicate 535 and Non-Marine Syndicate 1688.

Cotesworth has been in discussions with potential new capital providers for 2002 since the appointment of a provisional liquidator to the parent company, HIH, in March 2001. In addition, Cotesworth has suffered from the difficult Market conditions on the open years and, in particular, from events such as the collapse of the Independent Insurance Company and the loss of the Petrobras oil rig off South America.

Given the circumstances and given the fact that legally binding contacts have not been signed with a new capital provider for 2002, the Directors have made the decision to suspend underwriting. The ability to trade into 2002 will depend on sufficient capital backing being established for that year.
30 September 1999HIH to underwrite all London business through Cotesworth
Following HIH's decision to close its London office and underwrite all business through its wholly owned Managing Agency, Cotesworth, Syndicate 1688 will cease to underwrite Marine business and focus on Non-Marine underwriting. The Syndicate's renewals in respect of Marine Energy and Marine Liability business should be shown to Syndicate 535 and all Hull and Machinery business to Syndicate 228.

The business written by the Seattle and Stockholm offices of HIH will continue to operate as normal, with the intention of Seattle becoming a coverholder for Syndicate 535 and the Stockholm for Syndicate 228.
21 July 1999Syndicates 535 and 536 merge for 2000
Lloyd's have now granted consent to merge Syndicate 536 into Syndicate 535 for the 2000 year of account.
01 July 1999Cotesworth & Co announce proposed merger of Syndicates 535 & 536
Following the announcement of the proposed merger of these Syndicates for the 2000 account, Syndicate EGM's have been scheduled for 8th July 1999 and Cotesworth has been granted conditional consent to give notice to terminate its standard Managing Agent's Agreement.

It is proposed that there will be no pre-emption for the combined Syndicate, and members of Syndicate 535 will receive £1.20 for every £1 of 1999 participation.
20 May 1999Warrington offers RITC to his old Syndicate
In a somewhat radical proposal, Malcolm Warrington, the Underwriter of Octavian Syndicate 1239 offered to quote the reinsurance to close of the 1997 and prior years of account of his previous Syndicate 1069. He is on record as having repeatedly expressed his disappointment with the results declared for his old Syndicate by his former managers since his departure some years ago. Indeed, he has contended that a change in the RITC methodology used for Syndicate 1069 has resulted in substantially increased reserves when no significant deterioration is visible. A response from the Cotesworth Managing Agency is awaited.
07 April 1999Cotesworth to merge Syndicates 535 & 536 in the year 2000
Cotesworth & Co Ltd have applied to Lloyd's to merge Syndicate 536 into 535 for the 2000 year of account. The Active Underwriter and staff of Syndicate 536 will transfer across to Syndicate 535.

There is no intention to merge Syndicates 228, 1069 and 1688, which are also managed by Cotesworth & Co Ltd.

 
 

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