Kingsmead Underwriting Agency Ltd

Current Syndicates - 2, 271, 506
Other Syndicates of Interest

17 July 2001Kingsmead announce staff changes
Following their recent acquisition by Advent Capital Holdings PLC, Kingsmead has announced a number of changes to their Board:-

Subject to Lloyd's approval, Lloyd Tunnicliffe will become Active Underwriter of Syndicate 506.

Subject to Lloyd's consent, Paul Edwards will join the team of Syndicate 506 to assist the assessing the closure of the 1999 - 2001 years of account.

Lloyd's has already given its approval to Giuseppe Perdoni's appointment as Director of Compliance with effect from 2nd July 2001.

Following John Plant's recent retirement, Keith Thompson has been appointed Managing Director of Kingsmead.

Julia Burge has been appointed Company Secretary (she is also Company Secretary to all the Advent Capital Group companies).

15 May 2001Kingsmead and B.F. Caudle announce changes
Following a recent review of both managing agencies, which are part of the Advent Capital Holdings Group, the Board of Kingsmead has announced some proposed changes within the companies, some of which are subject to Lloyd's approval:

· It is likely that the management of Syndicates 2 and 506 will be transferred to B.F. Caudles Agencies Ltd for the 2002 year of account.

· It is proposed that, for the 2002 year of account, Syndicate 506 will operate as a parallel with Syndicate 780, allocating predetermined lines of capacity to the syndicate.

· The underwriting team of Syndicate 506 will continue to underwrite within the 2001 Business Plan for the 2001 year, with the following exceptions:

Graham Pipe, the Active Underwriter and Derek Johnson, Casualty Underwriter, will be leaving the Group.

John Plant, has decided to retire from his role as Group Chief Executive and will leave the company following the integration of the two companies.

11 July 2000Advent to increase underwriting capacity with the acquisition of Kingsmead
Advent Capital (Holdings) PLC ("Advent") has agreed to acquire, subject to Lloyd's approval, the entire issued share capital of Kingsmead Underwriting Agency Limited ("Kingsmead") together with its associated Lloyd's dedicated corporate member, Heraldglen Limited.

As a result of this acquisition, Fairfax Financial Holdings Limited ("Fairfax"), a Canadian based financial services holding company, would become a substantial shareholder of Advent.

Fairfax has also given a five-year commitment to Advent to provide support to B.F. Caudle Agencies Limited and Kingsmead syndicates through a Letter of Credit of £10M. This will result in Advent having Funds at Lloyd's of some £142M to support underwriting capacity.

Based on the existing capacity levels for 2000, the combined underwriting capacity of the two managing agents would be £300M of which Advent would own 62%. B F Caudle and Kingsmead will continue to operate as individual units for the 2001 year of account.

Advent currently owns approximately 42% of Syndicate 780's underwriting capacity for the current underwriting year of account. In 1999 Advent merged with B F Caudle, the managing agent of Syndicate 780, to create an Integrated Lloyd's vehicle.
07 September 1999Kingsmead appoints Ken Davidson as new Chairman
Ken Davidson has been appointed Chairman of Kingsmead Underwriting Agency Ltd. following the retirement of Sir Greville Spratt.

Mr. Davidson, who has been a Director of Kingsmead for a number of years, is the immediate past President of the Chartered Insurance Institute, a Director of several companies in the insurance market and a consultant with Solicitors Barlow Lyde & Gilbert.

Kingsmead manages Marine, Aviation and Non-Marine Syndicates with a premium capacity of £206m.
30 June 1999Syndicate 506 includes sister Syndicate 2 in N/M catastrophe risks
Subject to Lloyd's consent, Rupert Cousins, excess Non-Marine property class Underwriter of Syndicate 506 will include Marine Syndicate 2 on his risks. He will write excess of $100,000,000 on behalf of Syndicate 2 which would never have more than 40% of Syndicate 506's written participation on any one assured/programme/layer.
23 June 1999Anscombe's contingency consortium receives approval
Lloyd's have granted consent for Nick Anscombe to underwrite specialist contingency business on a consortium basis on behalf of Syndicates 2 and 506 from August, 1999.
11 June 1999Kingsmead appoint new Underwriter of Syndicate 271
Kingsmead Underwriting Agencies Ltd have advised that David Higgins will replace Robin Pearson as active underwriter of Syndicate 271 for the 2000 year of account. Robin Pearson will remain a consultant to the Syndicate with special responsibilities for aviation and client liaison.

The agency's intention is to increase the Syndicate's capacity for the 2000 year of account from £70m to £80m, which represents an increase in capacity of just over 14%. Accordingly the Syndicate have applied for a pre-emption.
12 January 1999Syndicate 506 Involved in Extended Warranty Problem
Kingsmead have written to explain the syndicate's involvement as a following underwriter in extended warranty business, which represents fractionally more than 2% of its stamp.

 
 

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