Greenwich Group - Syndicate News

Chaucer Syndicates Ltd

17 November 1999

Chaucer Insurance Services Ltd. - Change of Status
For more than ten years, Syndicate 587 - Ibex Motor Policies at Lloyd's has underwritten its business via a service company, Chaucer Insurance Services Ltd. (CISL) which is a wholly owned subsidiary of Chaucer Syndicates Ltd. (CSL).

Ibex has recently announced that from the 2000 Account it intends to develop a significant non-Motor personal lines account and that CISL has an integral role to play in this strategy. An application to Lloyd's is in progress for CISL to: transact non-Motor as well as Motor personal lines business for Syndicate 587; transact commercial property business in Europe in order to facilitate the future expansion of Syndicates 1084 and 1096; and become profit making, to allow CHP to recover its initial investment and to provide funds to facilitate the continued development of CISL.

All transactions between CISL and the Syndicates will be conducted on an "arms length" basis and no expenses relating to the operation of CISL will be charged to the Syndicates.