Greenwich Group - Syndicate News

Chartwell Managing Agents Ltd

	22 September 1999	Chartwell agree bilateral deals with Hampden and Richmond Oak Dedicated Limited, a connected company of Chartwell Managing Agents Limited, has agreed bilateral deals with the members of Syndicate 270 listed below to acquire participation rights for the 2000 year of account at a price of 15p per Ł1 in respect of the full amount of their eligible capacity (being their 1999 capacity less, in respect of MAPA's, amounts to which members who have given notice to leave are entitled); Member Capacity Hampden Agencies Ltd MAPA 7104 Ł1,850,989 Hampden Agencies Ltd MAPA 7039 Ł895,925 Hampden Agencies Ltd MAPA 7071 Ł1,486,545 Hampden Agencies Ltd MAPA 7076 Ł1,366,808 Hampden Agencies Ltd MAPA 7020 Ł616,228 Richmond Underwriting Ltd MAPA 7102 Ł331,904 Total Ł6,548,399 It is the intention of Oak Dedicated Ltd to complete the bilateral deals in full, notwithstanding any interaction with capacity tendered in the auction. The total capacity on Syndicate 270 for the 1999 account is Ł60,000,617, of which Ł20,285,375 is provided by dedicated corporate members, none of which will tender capacity in the auction. Rights to participate for the 2000 year of account for a further Ł28,222,551 have been either purchased by the dedicated corporate members in the first four capacity auctions or nominated to them.
	13 July 1999	Chartwell Loading Lloyd's have advised Chartwell Managing Agents Ltd. (CMA) that a loading of 10% has been included in the risk assessment computation used to calculate the minimum capital requirement of those members for whom CMA will act in respect of the 2000 year of account. CMA is working with Lloyd's Regulatory Division with the objective to eliminating the need for this loading prior to the coming-into-line requirements for 2000.
	22 June 1999	Trenwick Group Plc to acquire Chartwell Re Trenwick Group Plc and Chartwell re Corporation have announced that they have signed a definitive agreement for Trenwick to acquire Chartwell. The transaction is subject to the approval of the respective companies' shareholders, expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, regulatory approvals and other customary closing conditions. Chartwell is the ultimate holding company of Chartwell Managing Agents Limited, the managing agent of Syndicates 44, 270, 544, 741, 2741, 839, 947 and 994.
	03 June 1999	Chartwell Syndicate merger deadline extension Lloyd's has granted Chartwell consent for late notice of termination of Agency Agreements until 31st July, 1999. Approval has also been granted to extend the deadline for merger documentation to be despatched to Members to 30th June, 1999.
	12 May 1999	Chartwell to merge certain non-life Syndicates for 2000 Year of Account Chartwell have announced that, subject to Lloyd's approval and the consent of capital providers, they propose to merge Syndicates 270, 544, 741, 2741 & 839 for the 2000 year of account. The Active Underwriter of the resulting Syndicate 839 will be David Marshall who is currently the underwriter of Syndicate 839. The focus of the new merged Syndicate will be on its core units. The senior underwriters of each of these units will be: Gerard Knowles - Aviation Peter Wright - Marine Christopher McGinn - Non-Marine Personal Lines Brian Horwell - Non-Marine Casualty Chartwell have also confirmed that, due to the general non-marine business profile of Syndicates 947 and 994 are less consistent with the new direction of Syndicate 839 and therefore they have started negotiations for these Syndicates to be acquired by alternative managing agents.