Crowe Syndicate Management Ltd

Current Syndicates - 963, 982, 1121
Other Syndicates of Interest

09 November 1999Crowe discloses details of Syndicate 963's business interests
Crowe Syndicate Management Ltd has advised that its parent company, Crowe Insurance Group (CIG), has acquired an interest in the following companies, and has written to capital providers, as required by Agency law, requesting that CIG's share of profits from these companies may be retained within the group for the 2000 underwriting year of account. By signing their Syndicate Lists, capital providers will be giving their consent.

Direct Link Insurance Agency (DLIA)

DLIA is an underwriting agency incorporated in the Republic of the Philippines to transact private car insurance on a direct basis. The venture has been developed in conjunction with the UCP Bank, a substantial Philippines banking institution.

Novitas Underwriting Agency Plc (NUA)

NUA acts as a coverholder operating under a binding authority from Syndicate 963 and is authorised to write business for private motor vehicles, light commercial vehicles and motorcycles and the estimated gross premium income to be provided to Syndicate 963 in the 2000 year of account is £7.5m.

European General Insurance Company Ltd (EGH)

EGH acts as an insurance company underwriting motor business from its offices in Galway, in the Republic of Ireland. It trades under a licence from the Department of Enterprise and Employment. The amount of business and estimated gross premium to be written by Syndicate 963 as co-insurer in the 2000 account is IR£9,000,000. The estimated profit for EGH for 2000 is £450,000, of which CIG's share is £45,000.

Any capital arising from a disposal of shares in EGH will be retained by CIG on the grounds that the investment in EGH was made by CIG with no cost to capital providers.

Crowe Insurance Group (Hong Kong) Ltd (CIGHK)

As previously advised in their 2000 business forecast, CIG has opened an underwriting office in Hong Kong.

The types of business written by Syndicate 963 for the 2000 account are as follows:

Automobile insurance for private passenger and commercial vehicles: £3,000,000

Insurance and reinsurance of fire and allied classes for small commercial
and residential property: £400,000

The estimated profit of CIGHK for 2000 is £249,000, of which CIG's share is £114,000.
09 November 1999Ian Crane to leave Syndicate 53
Crowe Syndicate Management (CSM), part of Crowe Insurance Group, has announced that Ian Crane, Underwriter of Aviation Syndicate 53, is leaving the Group by mutual agreement at the end of this year.

CSM has been carrying out a review of the entirety of its underwriting portfolio. As a result it intends to focus its resources on the core general aviation, airline and products accounts of Syndicate 53.

Subject to Lloyd's approval, the Syndicate will develop and expand the core book under the leadership of John Bowman and Mark Adams. Patrick Denis will become, subject to Lloyd's approval, the active underwriter of syndicates 1121 and 53.
14 July 1999Crowe Loading
Lloyd's have advised Crowe Syndicate Management Ltd. 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 the Agency will act in respect of the 2000 year of account. Crowe are 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.
14 July 1999Holdsure 892 RITC goes to Crowe 963
Lloyd's have now approved the proposal for the 1996 reinsurance to close of Motor Syndicate 892 ("Holdsure") at 31st December, 1998 into Syndicate 963 and for this transaction to be processed as premium into the 1997 year of account of Syndicate 963. The proposed RITC would only result in a minimal increase in the risk based capital requirement of Syndicate 963 and therefore no additional Funds at Lloyd's are required.
01 July 1999Syndicate 963 - European Operations
The Crowe Insurance group is currently looking to establish underwriting units in a number of European locations to provide a more appropriate base from which to develop its business. Their first office will be set up in Holland, with units in France and Germany to follow.
23 March 1999Syndicate 963 to reinsure 1996 Account of Syndicate 892
Crowe Syndicate Management Ltd. have recently been successful in the tendering process for the Reinsurance to Close of Syndicate 892 (Holdsure Motor).

The premium payable amounts to £16,200,000 and Crowe are currently in discussion with Lloyd's regarding the processing of the contract into the 1997 Year of Account.
12 January 1999Ockham - NLC - Crowe Link
On 30th December 1998 it was announced that the merger offer made by Ockham Holdings Plc (Ockham) to shareholders of New London Capital Plc (NLC) had been declared unconditional. NLC has now become a subsidiary of Ockham. As a consequence of this Crowe Insurance Group Limited becomes linked via NLC to Ockham.
21 December 1998Stockton Re Acquires Crowe
Crowe Syndicate Management Ltd. - Stockton Reinsurance Ltd. have announced a conditional agreement in principle for them to acquire Crowe Insurance Group Ltd. and its subsidiaries. Currently, Crowe manages six Syndicates with total premium income capacity of over £230m for 1999.
This development is part of the Stockton Re's growth strategy enabling it to have closer contact to the London market, apparently without competing with its existing broker - produced client base.
21 December 1998Syndicate 1121 Overwrites
Syndicate 1121 - Crowe Syndicate Management Ltd. - The managers have advised that the 1996 and 1997 years of account will both overwrite their Stamps due to the receipt of reinstatement premiums. The amounts will be approximately 1% and 5% respectively.
21 December 1998Syndicate 1121's 1997 Account Declines
The Syndicate's revised profit forecast on the 1997 year of account has been reduced from a profit of 5% to 10% (June figures) to a profit of 1% to 6% (September figures). The reason for this deterioration is a general increase in the level of attritional claims particularly in the cargo and specie accounts. The 1998 Account is also experiencing a similar level of losses but it is too early for the managers to comment at this stage.

 
 

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