Greenwich Group - Syndicate News

Brockbank Personal Lines Ltd

	10 December 1999	Syndicate 253 to cease underwriting from the end of 1999 Lloyd's have granted consent for Syndicate 253 to cease underwriting with effect from the end of the year. From 1st January, 2000 Martin Reith, the Active Underwriter of Syndicate 861/1209 which underwrites Motor business in consortium with Syndicate 253/2253, will be appointed run-off manager.
	19 November 1999	Brockbank dispose of Motor Operations Brockbank has advised that the sale of Admiral Insurance Services Ltd was completed on 16th November 1999. They have also advised that the separate buy-out transaction involving the broker based Zenith operation has been concluded. Consequently, subject to Lloyd's approval, Syndicates 253/2253 will cease underwriting at 31st December 1999 and Brockbank proposes to serve unconditional notice thereafter on all Members of Syndicate 253/2253 to terminate their Agency Agreements. Brockbank has also confirmed that, following the disposal of these Motor operations, Syndicates 861/1209 will stop underwriting motor business for the 2000 year of account (although as previously advised, there will be no reduction in the overall reduction in the Syndicate's capacity for 2000).
	08 October 1999	Disposal of Admiral Brockbank Underwriting Ltd. ("BUL") hold an equity interest in the specially formed buy-out vehicle, Newco, which will purchase the shares in Admiral. As there are some Directors who are common to the Boards of the Managing Agencies and BUL and, therefore a possible conflict of interest, Lloyd's have recommended that Brockbank ensure that all capital providers of Syndicates 253, 2253, 861 and 1209 are aware of this aspect of the proposed sale of Admiral. The Managing Agents have decided to cease underwriting Motor business and sell the shares they hold in Admiral as agent for the Names. BUL, along with the management shareholders in Admiral, have agreed to accept shares and unsecured subordinated loan notes in the private company buyer Newco. BUL have agreed to this structure, requested by the buyer's investors to facilitate the transaction, because it is in a position to take a higher risk on the ongoing business and is prepared to do so. As BUL holds its B shares in Admiral in its own account, it will own its shareholding in Newco for its own account and will not be accountable to any members with regard to any associated profits or potential proceeds on disposal.
	09 September 1999	Brockbank gives notice of withdrawal from Motor Market Brockbank has announced its intention to cease underwriting motor business after 31st December 1999. Heads of Agreement have been signed for separate Management Buy-outs by the respective management teams of Admiral and Zenith, Brockbank's two motor operations. The transactions are subject to contract and all necessary regulatory approvals. As a consequence, application has been made to Lloyd's by Brockbank Personal Lines Ltd to cease underwriting on Syndicates 253 & 2253 and no motor business will be written by Brockbank Syndicate Management Ltd into Syndicates 861 & 1209 from the 2000 year of account.
	26 March 1999	Brockbank appoint Syndicate Investment Managers Brockbank have appointed PIMCO Global Advisers, a subsidiary of Pacific Investment Management Ltd, to manage the US and Canadian dollar funds of Syndicates 588, 861 & 1209 and Chase Asset Management (London) Ltd to manage the sterling funds of all Brockbank Syndicates.