Greenwich Group - Syndicate News

Marlborough Underwriting Agency Ltd

	17 August 2000	CGNU to purchase minority shareholding in Marlborough Underwriting Agencies Ltd CGNU Plc ("CGNU") has reached agreement, subject to contract and to Lloyd's approval, with the Blenheim Partnership ("Blenheim") to acquire Blenheim's 49% shareholding in Marlborough Underwriting Agency Limited ("Marlborough"). As a consequence of this transaction, Marlborough will become a wholly-owned subsidiary of CGNU. The consideration for this transaction is not material in relation to CGNU's net assets. Angus Sladen and Jill Loveless, respectively managing director and finance director of Marlborough, have decided to resign their appointments in order to pursue interests elsewhere and will leave Marlborough shortly after the completion of the transaction. It is also the intention of non-executive chairman, Sir Patrick Sheehy, to resign. Clive Watson, currently the CGNU director of London Market, will be appointed as managing director of Marlborough, subject to Lloyd's approval. CGNU currently provides in aggregate approximately 85% of the capacity of Lloyd's Syndicates 62, 1047 and 1861 managed by Marlborough and will continue to support these syndicates for the 2001 year of account.
	10 November 1999	Syndicate 1047 - Continuity of Interest Marlborough Underwriting Agency has advised that Robert Wasey, who currently underwrites his entire premium income limit of Ł175,000 on Syndicate 1047, will be reducing his overall limit and therefore his line on the syndicate for 2000 to Ł156,000. This is a direct result of the RAC model increasing the solvency ratio on the syndicate as a result of a further year of data being introduced.