Greenwich Group - Syndicate News

Cox Syndicate Management Ltd

	25 March 2002	Cox announces radical retrenchment Cox Insurance, the Lloyd's insurer that has lost up to Ł125m as a result of the World Trade Centre (WTC) attacks, has announced a radical retrenchment of the business. Michael Dawson, Cox's Chief Executive, declined to comment on the share price movement, but said he was anxious to inform shareholders of developments as soon as possible. Last year the shares reached 252p, but fell sharply after the 11th September attacks and again in January, when the group doubled the forecast of its WTC exposure. Cox is going ahead with plans to raise equity capital and, in future, will concentrate on its profitable retail operations. These accounted for Ł600m out of the group's Ł700m of gross written premiums last year. The Group will continue to underwrite its nuclear and aviation business this year, and will either act as an underwriting agency for third party capital providers for the 2003 year of account or sell the business. All other commercial underwriting businesses - property and reinsurance - are to be discontinued. The group will shed about 50 jobs from its total 2000 employees over the next 12 months. Mr. Dawson said the restructuring would ring fence the dedicated corporate member subsidiaries of Cox and contain exposure to the group, including WTC. Before this announcement, Cox was forecast to have made full year losses of about Ł78m in 2001.
	03 August 2000	Cox enters partnership with Egg Finance Cox Insurance Holdings PLC (Cox) has announced that it has signed an agreement with Egg Financial Intermediation Limited (Egg) to provide Third Party Administration services for Egg's new general insurance business. The service, branded Egg Insure, will initially offer motor insurance followed by home buildings and contents insurance. The service uses the Cox Internet systems. Cox will receive a fixed fee for each policy issued, in addition to any revenues received from underwriting risks placed with its Lloyd's syndicate, Equity Red Star.
	28 February 2000	Cox enters agreement with Yahoo! Cox Insurance Holdings PLC has announced details of an agreement made with Yahoo! UK Ltd to provide motor, household and travel insurance quotes. The insure.co.uk site, administered by Boncaster Ltd, will offer insurance quotations from a number of insurers, one of which is intended to be Cox's Equity Red Star Syndicate 218. This facility is due to be launched during the 2nd quarter of 2000.
	11 October 1999	Christopherson Heath's proposed new service company for Syndicate 218 Christopherson Heath Ltd. propose to establish a new Syndicate service company which will operate as a central conduit for all Motor and personal lines business for Syndicate 218. The service company will operate on a non-profit making basis. Trading profits arising from business placed with the Syndicate will be for the benefit of capital providers supporting Syndicate 218. The Managing Agent, which has a 25% equity share in the company, will be entitled to receive 25% of any capital profits arising from the future disposal of the whole or any part of the service company or its business.
	10 September 1999	Transfer to Cox The Board of Christopherson Heath Ltd. has agreed in principle to assume all ongoing management responsibility for Syndicates currently managed by L.G. Cox & Co. Ltd. and Cox Managing Agency Ltd. as from 31st October, 1999. As from the date of transfer, it is proposed to change the name of Christopherson Heath Ltd. to Cox Syndicate Management Ltd.