Greenwich Group - Syndicate News

Wren Syndicate Management Ltd

	15 September 1999	Syndicate 389 - Mandatory Offer from BRIT Following the conclusion of Auction 4, BRIT Insurance Holdings Plc. (BRIT) via its wholly-owned corporate underwriting members FUIT One Limited and HCG Foxtrot Ltd. now owns in excess of 75% of Syndicate 389's allocated capacity for next year. BRIT will make a Mandatory Offer for the remaining capacity on the Syndicate which will be made next year. This does not preclude BRIT from subscribing for capacity on Syndicate 389 in the remaining two Auctions.
	16 August 1999	Ockham withdraw from proposed sale of Lutine In July, Cassidy Davis Syndicate Management Ltd., Chartwell Managing Agents Ltd., RGB Underwriting Agencies Ltd. and Wren Syndicates Management Ltd. received an approach from the Ockham Group which might have led to a sale of their respective shares in Lutine Assurance Services Ltd. (Lutine). The Ockham Group has now withdrawn the proposals, as non-Ockham Group shareholders of Lutine recently decided to commission financial advisers to advise on other sale possibilities, including by selective competitive tender. It should also be noted that if there is a sale, we believe the sellers will account for the net sale proceeds to the members of their respective managed Syndicates concerned for the year of account current at the time any sale is concluded. Therefore subscribers for and tenderers of capacity on Syndicates 779, 44, 429, 1171 and 389 for year 2000 in the 1999 Auctions should continue to be aware that the net proceeds of any sale may or may not be significant, considered in terms of pence per Ł1 of 1999 capacity of the Syndicates.
	15 July 1999	Wren to establish a retail Life operation It is Wren's intention to establish Wren Life, a new retail operation aimed at the U.K. Independent Financial Advisor market. Wren Life will provide most of the administrative support from a "low-cost" centre in Bristol. Given the scale of investment required, when compared to the size of the Syndicate, the start up cost will fall to the capital providers of the Syndicate. The expected costs are anticipated to create losses of up to 10% of capacity in the first four years of operation. Currently 74% of the capacity is provided by either Wren Plc. or BRIT and therefore a majority of the costs will be funded by this group. The Auction disclosure of 2nd July, 1999 mentioned the possible sale of shares in Lutine Assurance Services Ltd. by, inter alia, Wren Syndicates Management Ltd. If the sale is eventually agreed, then the net sale proceeds due to Wren would be accounted for to the members of Syndicate 389 for the year of account current at the time any sale is concluded and for such other years of account and in such proportions as Wren feel appropriate.
	30 April 1999	Syndicate 389 purchase accidental death cover for 1999 Wren have purchased cover that reduces the impact to Syndicate 389 of "undue accidental death experience" either as a result of catastrophe or an accumulation of individual accidental deaths. This cover leaves Wren with an aggregate retention of Ł100,000 on accidental death risks and provides an unlimited vertical protection, thus negating the need for catastrophe cover. With the improved coverage on accidental deaths, they have been able to renew their aggregate Stop Loss for the 1999 Account and limit cover to natural causes only. The basis of reinsurance at an individual risk level has not changed for 1999.