Wren Syndicate Management Ltd

Current Syndicates - 250, 389, 735, 800
Other Syndicates of Interest

03 November 2000Syndicate 735 Risk Assessment Capital Loading lifted
Wren Syndicate Management Ltd has advised that it has received verbal confirmation from Lloyd's Monitoring Department that the decision to impose a capital loading on Syndicate 735 for the 2001 account has now been reversed.

At a meeting on 20th October 2000, the Prudential Supervision Committee reversed its earlier decision to impose a loading of 20% as a result of the syndicate forecasting losses in excess of 10% for the 1998 and 1999 years of account.
15 September 1999Syndicate 389 - Mandatory Offer from BRIT
Following the conclusion of Auction 4, BRIT Insurance Holdings Plc. (BRIT) via its wholly-owned corporate underwriting members FUIT One Limited and HCG Foxtrot Ltd. now owns in excess of 75% of Syndicate 389's allocated capacity for next year. BRIT will make a Mandatory Offer for the remaining capacity on the Syndicate which will be made next year. This does not preclude BRIT from subscribing for capacity on Syndicate 389 in the remaining two Auctions.
16 August 1999Ockham withdraw from proposed sale of Lutine
In July, Cassidy Davis Syndicate Management Ltd., Chartwell Managing Agents Ltd., RGB Underwriting Agencies Ltd. and Wren Syndicates Management Ltd. received an approach from the Ockham Group which might have led to a sale of their respective shares in Lutine Assurance Services Ltd. (Lutine). The Ockham Group has now withdrawn the proposals, as non-Ockham Group shareholders of Lutine recently decided to commission financial advisers to advise on other sale possibilities, including by selective competitive tender.

It should also be noted that if there is a sale, we believe the sellers will account for the net sale proceeds to the members of their respective managed Syndicates concerned for the year of account current at the time any sale is concluded. Therefore subscribers for and tenderers of capacity on Syndicates 779, 44, 429, 1171 and 389 for year 2000 in the 1999 Auctions should continue to be aware that the net proceeds of any sale may or may not be significant, considered in terms of pence per £1 of 1999 capacity of the Syndicates.
04 August 1999Wren Syndicate 250 appoint new underwriting staff
Following the appointment of Richard Finn and Roger Field, as Active Underwriter and Underwriting Director respectively for the 2000 Account, Wren have been actively recruiting underwriting staff to complement the existing Syndicate 250 underwriting team.

Class Underwriters have been employed to write Financial Institutions, property and casualty accounts.
03 August 1999Wren merge with Benfield (BRIT)
The Board of The Benfield & Rea Investment Trust Plc. (BRIT) announced on 27th July, 1999 that the offer for Wren had been declared unconditional in all respects (subject to the listing of new BRIT Ordinary Shares becoming effective). On the same date, BRIT announced that it had changed its name to BRIT Insurance Holdings Plc.
15 July 1999Wren to establish a retail Life operation
It is Wren's intention to establish Wren Life, a new retail operation aimed at the U.K. Independent Financial Advisor market. Wren Life will provide most of the administrative support from a "low-cost" centre in Bristol. Given the scale of investment required, when compared to the size of the Syndicate, the start up cost will fall to the capital providers of the Syndicate. The expected costs are anticipated to create losses of up to 10% of capacity in the first four years of operation. Currently 74% of the capacity is provided by either Wren Plc. or BRIT and therefore a majority of the costs will be funded by this group.

The Auction disclosure of 2nd July, 1999 mentioned the possible sale of shares in Lutine Assurance Services Ltd. by, inter alia, Wren Syndicates Management Ltd. If the sale is eventually agreed, then the net sale proceeds due to Wren would be accounted for to the members of Syndicate 389 for the year of account current at the time any sale is concluded and for such other years of account and in such proportions as Wren feel appropriate.
05 July 1999That's Life!
Cassidy Davis Syndicate Management Ltd., Chartwell Managing Agents Ltd., RGB Underwriting Agencies Ltd. and Wren Syndicates Management Ltd. have announced that they have received an approach from Ockham Group which may or may not lead to a sale by them of their respective shares in Lutine Assurance Services Ltd.
18 June 1999Benfield and Wren announce proposed £300m merger
Benfield & Rea Investment Trust have announced the terms of their proposed merger with Wren, with a view to creating a combined insurance group with a market value of approximately £300m.

Wren shareholders are being offered 1,175 Benfield shares for every 1,000 Wren shares held. Benfield, which already owns 26.8% of Wren, said shareholders could elect to receive a partial cash alternative of 110p per share. Wren's Board have approved this offer.

Benfield have also confirmed their intention to buy the remaining 70% of the reinsurance vehicle Brit Insurance, formely Benfield Re, from the insurance brokers Benfield Grieg. Last year Bentfield paid £25m cash for an initial 29.99% stake in Brit Insurance, with an option to buy the balance within three years. The Company will change its name to Brit Insurance Holdings once the Wren merger and complete Brit takeover have been finalised.
30 April 1999Syndicate 389 purchase accidental death cover for 1999
Wren have purchased cover that reduces the impact to Syndicate 389 of "undue accidental death experience" either as a result of catastrophe or an accumulation of individual accidental deaths. This cover leaves Wren with an aggregate retention of £100,000 on accidental death risks and provides an unlimited vertical protection, thus negating the need for catastrophe cover. With the improved coverage on accidental deaths, they have been able to renew their aggregate Stop Loss for the 1999 Account and limit cover to natural causes only. The basis of reinsurance at an individual risk level has not changed for 1999.
11 February 1999Field and Finn Surface
Roger Field and Richard Finn (ex ACE Syndicate 219) are joining the Wren Group on 1st October (subject to Lloyd's approval). Roger Field will become the Underwriting Director and Richard Finn the Active Underwriter of Syndicate 250, taking over from Rodney Stone, who steps down at the end of 1999. Richard Finn will write a treaty account and Roger Field will develop Wren's Financial Institutions account. Shaun O'Neil, (Syndicate 250's Deputy), will particularly concentrate on developing the Professional Indemnity account.
07 December 1998Wren and Masthead Merge
Wren, the integrated Lloyd's vehicle, has bought Masthead Insurance Underwriting, a spread investment vehicle, for £48 m. Shareholders in Masthead are to be offered 844 Wren shares for every 1,000 held, which values the company at about 119 p. per share. The merged entity will trade under the Wren banner, with an underwriting capacity of £120 m., and a market value of about £100 m. Prior to this move Wren's total capacity was about £70 m.

 
 

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