Greenwich Managing Agency Ltd

Current Syndicates - 923, 947, 994, 1222, 1923, 2923, 2947
Other Syndicates of Interest

10 January 2003Greenwich announce plans for 2003 Underwriting.
Greenwich Insurance Holdings plc ("GIH") is pleased to announce that it has reached agreement with Imagine Insurance Company Limited ("Imagine") whereby Imagine can acquire a two-thirds interest in GIH's subsidiary company Greenwich Managing Agency Ltd. ("GMA"). GMA's main business is the operation of a managing agency within the Lloyd's market in London. The transaction is subject to Lloyd's and Financial Services Authority (FSA) approval in the UK.

At the same time Imagine has provided capacity to support Syndicate 994 for the 2003 underwriting year through a new limited liability corporate member of Lloyd's. Syndicate 994's capacity for 2003 is £40.4m (2002 £70.4m). In view of the reduction in capacity GMA has decided to carry out a comprehensive review of its portfolio prior to committing substantial capacity to the current underwriting year. To this end the Marine Excess of Loss account, which has a significant 1 January renewal book, will continue to be written as normal. Other classes will be underwritten on a highly selective basis until the review is complete.

Richard Thynne, Chairman of GIH and Managing Director of GMA said, "I welcome the support we have received from Imagine and look forward to working with them on the development of GMA and Syndicate 994"

Brad Huntington, Co-Chief Executive Officer of Imagine said, "We are pleased to be able to support Syndicate 994 and to acquire a major interest in GMA. We see this as the start of long term relationships with both GMA and the Lloyd's Market which will give us the opportunity to build on our base of underwriting discipline and develop new products and solutions over the next few years."

The Imagine Group is a specialist finite-risk organization whose products deliver structured insurance and reinsurance capital solutions to clients worldwide. Imagine Insurance Company Limited is a Barbados incorporated company rated "A" (Strong) by Fitch and A- (Excellent) by A.M. Best.
06 September 2002Syndicate 994 make mid-year Pre-emption.
Greenwich Managing Agency Limited has received Lloyd's approval to increase the underwriting capacity for Syndicate 994 to £70.4m for 2002.

National Indemnity Company, part of the Berkshire Hathaway Group, has provided the additional capital support by means of reinsurance to the Syndicate through Greenfield Underwriting Limited, a corporate member supporting 994 exclusively.
02 January 2002Syndicate 1222 under new management for 2002
On 31st December 2001, Greenwich Managing Agency Ltd (GMA) announced the sale of the business of Motor Syndicate 1222 to a new company, Service Underwriting Management Ltd owned by the senior management of the Syndicate and a Non-Lloyd's Insurance Group, Markerstudy Insurance Company Ltd.

Syndicate 1222 has been put into run-off and the management of the run-off has been sub-contracted to SUM for a fixed fee. Greenwich retains no liabilities in respect of the business, other than the pure underwriting exposure of Syndicate 1222 for its open years of account, being 1999, 2000 and 2001.

02 January 2001Martin Thorpe joins Syndicate 994
Greenwich Managing Agency Limited is pleased to announce that Martin Thorpe has recently joined Non-marine Syndicate 994 to write a Marine X/L Book of Business for the 2001 year of account. The syndicate's estimated premium income for the Marine X/L book for 2001 will be £5M.

Martin joined Syndicate 994 from Syndicate 1121, where he wrote a similar account. Prior to that he was employed by Europa Re in Germany.
20 December 2000Syndicate 994 announce pre-emption for 2001
Greenwich Managing Agency Ltd (GMA) is pleased to announce that consent has been gained under paragraph 4A of the Syndicate Pre-emption Byelaw to pre-empt the allocated capacity of Syndicate 994 from its present capacity of £60M to £70M for the 2001 year of account. In addition, consent under paragraph 10 of the byelaw has been granted to allow GMA to make this pre-emption later than the prescribed last date.
24 November 2000Syndicate 994 appoints Marine X/L Underwriter
Greenwich Managing Agency has appointed Martin Thorpe to underwrite a Marine X/L Reinsurance Account for Syndicate 994 for the 2001 Account. Martin joins Cliff Simmond's team from Syndicate 1121; prior to that he was with Europa Re in Germany.
03 November 2000Greenwich's Capital Loading Lifted
At its meeting on 31 October 2000, the Prudential Supervision Committee of Lloyd's Regulatory Board (PSC) considered that Greenwich Managing Agency Limited had reached the standards of management and control required by Lloyd's. Accordingly, it decided to withdraw the capital loading imposed on 22 June 2000.

12 April 2000Greenwich transfers its Members' Agency to Hampden
Greenwich Insurance Holdings PLC ("Greenwich") and Hampden Agencies Limited ("Hampden") have announced that they have reached a mutual agreement for Names underwriting in 2000 through Greenwich Lloyd's Underwriting Limited ("GLU") to novate their affairs to Hampden Agencies Limited.

GLU will remain responsible for those Names who converted their underwriting to limited liability through their Grenville Group Conversion schemes. This agreement will raise the number of private Lloyd's investors (Names and Namecos) advised by Hampden in 2000 to 1,382 underwriting a total premium limit of almost £800m.

Christopher Hodgson, Group Chief Executive of Greenwich said, "Greenwich is delighted to have reached agreement with Hampden, who are well placed to advise those Names who wish to retain traditional Lloyd's membership or convert to their own individual Nameco. Greenwich will continue to develop its underwriting through Greenwich Managing Agency Limited and Grenville".

Nigel Hanbury, Chief Executive Officer of Hampden said, "With almost £800m of capacity all from individual Names and Namecos, Hampden now holds the pre-eminent position as the agency dedicated to looking after the affairs of private insurers at Lloyd's, both unlimited and limited. We remain firm believers that private investors at Lloyd's should retain control through having their own individual portfolios either as unlimited Names or through their own limited liability vehicles. We very much look forward to welcoming the Greenwich Names to Hampden".

10 November 1999Acquisition of the management of Syndicates 994, 947/2947 and 923/2923
On the 5th November Lloyd's gave consent to Greenwich Managing Agency Ltd. (GMA) to manage all open and run-off years of account for Syndicates 994, 947/2947 and 923/2923.
02 August 1999GRENVILLE IV
Greenwich Insurance Holdings PLC is delighted to announce a Conversion Scheme for 2000 (Grenville IV) which, subject to Lloyd's approval, includes the following features:-

· Underwriting with limited liability, using a Name's existing Lloyd's Deposit to support limited liability underwriting.

· Benefiting from participation in Greenwich Insurance Holdings PLC, an Integrated Lloyd's group which includes Greenwich Managing Agency Limited, Greenwich Lloyd's Underwriting Limited (Greenwich's Members' Agency) and several corporate vehicles.

· Utilising a 4:1 gearing ratio.

· Greenwich were pioneers of collective Conversion Schemes in 1996 (Grenville Underwriting Plc) and Grenville IV will be the fourth consecutive Greenwich Conversion Scheme.

· Greenwich has the largest collective Conversion Scheme at Lloyd's (1999 Premium Limit £126 million).

· Greenwich were the first Members' Agents to acquire a Managing Agency (October, 1998).

· Greenwich Managing Agency manages Service Motor Syndicate 1222 and expects to manage at least one other Syndicate for 2000.

· Greenwich intends to achieve the transition from spread underwriting to Integrated Lloyd's Vehicle status by further expansion of its managing agency.

A prospectus for Grenville IV will be issued during August and will be available from the above address.


C.J. Hodgson
July, 1999

The information referred to above does not constitute, or form any part of, an offer to sell or issue, or any offer to purchase or subscribe for any securities of any kind nor shall it form the basis of, or be relied on in connection with, any contract therefore. Recipients of this information who decide to participate in Greenwich are reminded that any application so to participate will be made on the basis of information in a prospectus to be issued hereafter. The value of shares and the income therefrom may fall as well as rise and investors may get back less than their original investment. This document has been issued by Greenwich Lloyd's Underwriting Limited and approved by Strand Partners Limited, a firm regulated in the UK by the Securities and Futures Authority.
30 July 1999Proposed 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 £55m 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.
29 July 1999Greenwich to manage Britannia Rescue Syndicate

Greenwich Managing Agency Limited has been appointed by the Civil Service Motoring Association (csma) to form and manage a Lloyd's Syndicate for 2000. Subject to Lloyd's approval, the Syndicate will be providing road rescue insurance to members of csma and other affinity groups. Beverley Shreeve, Underwriter of Service Motor Syndicate 1222, will be the designated Underwriter.

Richard Thynne, Chairman of Greenwich Managing Agency Limited, stated: "We are delighted that Greenwich has been selected by csma to manage the Britannia Rescue Syndicate. This marks a significant expansion in the syndicate management activities of Greenwich".

Steve Kenward, Group Chief Executive of csma, said: "csma represents 338,000 Members and amongst the services provided is road rescue via Britannia Rescue. Britannia Rescue is one of the key csma member benefits. Transferring the underwriting of this to our own Lloyd's Corporate Syndicate is a cost effective means of furthering our strategic objectives".

For additional information, please contact:-

Richard Thynne 0171 335 6001
28 July 1999csma Lloyd's visit
The Civil Service Motoring Association (csma) have recently appointed Greenwich Managing Agency Ltd. to form a new Syndicate at Lloyd's. Britannia Rescue provides road rescue to csma members.

To mark the occasion, Greenwich arranged a visit for the csma Group Chief Executive, Steve Kenward, to visit Lloyd's accompanied by the Group Financial Controller, Mike Sayer. Richard Thynne, Managing Director of Greenwich Managing Agency Ltd. and Christopher Hodgson, Group Chief Executive of Greenwich Insurance Holdings Plc., co-ordinated the arrangements with the Chairman of Lloyd's, Max Taylor. Following a photo session in the Underwriting Room, the assembled party was invited to join Max Taylor in the Chairman's office. A wide ranging discussion took place in regard to the range of insurance products made available to csma members, these being only part of the benefits available to an affinity group which has 330,000 members.

Max Taylor expressed his delight on behalf of Lloyd's that the csma had chosen to transfer the underwriting of the Britannia Rescue scheme into the Lloyd's market. Syndicate Number 1923 has been chosen by the csma as this is the year of the formation of the Association. All parties are hopeful that opportunities will develop to underwrite additional csma business at Lloyd's.

 
 

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