Greenwich Group - Syndicate News

Cotesworth & Co Ltd

	31 August 2001	Syndicates 535 and 1688 to suspend trading The Directors of Cotesworth & Co Limited have announced their decision to suspend for the time being the underwriting of their two managed syndicates, Marine Syndicate 535 and Non-Marine Syndicate 1688. Cotesworth has been in discussions with potential new capital providers for 2002 since the appointment of a provisional liquidator to the parent company, HIH, in March 2001. In addition, Cotesworth has suffered from the difficult Market conditions on the open years and, in particular, from events such as the collapse of the Independent Insurance Company and the loss of the Petrobras oil rig off South America. Given the circumstances and given the fact that legally binding contacts have not been signed with a new capital provider for 2002, the Directors have made the decision to suspend underwriting. The ability to trade into 2002 will depend on sufficient capital backing being established for that year.
	30 September 1999	HIH to underwrite all London business through Cotesworth Following HIH's decision to close its London office and underwrite all business through its wholly owned Managing Agency, Cotesworth, Syndicate 1688 will cease to underwrite Marine business and focus on Non-Marine underwriting. The Syndicate's renewals in respect of Marine Energy and Marine Liability business should be shown to Syndicate 535 and all Hull and Machinery business to Syndicate 228. The business written by the Seattle and Stockholm offices of HIH will continue to operate as normal, with the intention of Seattle becoming a coverholder for Syndicate 535 and the Stockholm for Syndicate 228.