Greenwich Group - Syndicate News

Venton Underwriting Agencies Ltd

	22 May 2001	Alleghany Syndicate 376 Alleghany Underwriting Limited (AUL) announced various changes within its organisation, which form part of its plan to refocus business on core areas of underwriting, predominantly short-tail risk. Key highlights of the proposed changes include: Michael Carpenter, formerly managing director of Lloyd's corporate capital vehicle, Limit PLC, becomes Chief Executive of AUL with effect from 1st June 2001. Rupert Atkin, joint active underwriter of Syndicate 376, is appointed Director of Underwriting. Syndicate 376 to focus on property and aviation treaty reinsurance, and direct marine, financial instructions and property insurance. The syndicate will withdraw from writing marine and casualty treaty reinsurance, direct professional indemnity, directors' and officers' (unless written as part of the financial institutions account), bloodstock, accident & health and employment practice liability insurance. The closure of some lines of business will result in the loss of two underwriting positions in the marine treaty and casualty areas.
	30 July 1999	Syndicate 376 - Minority Buy-out On 22nd July, the mandatory offer for capacity on this Syndicate made by Venton Underwriting Group Ltd. closed. On 23rd July, Lloyd's granted permission to Venton Underwriting Agencies Ltd. to effect a minority buy-out for all members of Syndicate 376 who did not accept the mandatory offer. Venton will offer directly to these members and will terminate Agency Agreements with effect from 31st December, 1999.
	21 April 1999	Future structure of Venton Syndicates Subject to Lloyd's consent, Venton will merge Syndicates 376, 1183 and 1207; or failing which, a merger of Syndicates 376 and 1207. Venton Underwriting Group Ltd. will be making offers to acquire all non-aligned capacity entitlements for Syndicates 376 and 1183 for year 2000 and have applied to Lloyd's to effect a minority buyout in respect of each Syndicate should the requisite 90% level be achieved.