Greenwich Group - Syndicate News

Jago Managing Agency Ltd

28 July 1999

Jago signs letter of intent with Gulf
Jago Managing Agency Ltd (JMAL), the Managing Agent of Syndicate 205, and Jago Capital Ltd (JCL), a dedicated corporate member which provides approximately 25% of Syndicate 205's capacity for the 1999 Account, has signed a letter of intent from Gulf Insurance Company (Gulf) and certain other interested parties pursuant to which:-

Gulf is to establish a new subsidiary which will apply for corporate membership of Lloyd's. This will, if able to acquire the relevant capacity at prices the parties consider reasonable, (whether through the auctions, bilateral management or otherwise, and through allocation of any 'drop' capacity reverting to JMAL), support up to 25% of the capacity of Syndicate 205.

Gulf will also have the right to appoint a director (subject to Lloyd's consent) to the Board of JMAL.