Greenwich Group - Syndicate News

Chartwell Managing Agents Ltd

	11 February 2000	Syndicate 44 - Proposed RITC of Syndicate 240 Chartwell has received Lloyd's approval to close all four open years of Syndicate 240 by means of a transfer of assets into the 2000 account of Syndicate 44.
	06 October 1999	Syndicate 44 - proposed RITC of Syndicate 240's open years Syndicate 44 has quoted a premium for the reinsurance to close of all four open years of Syndicate 240 (1991, 1992, 1993 & 1994). The aggregate premium for all four accounts is Ł775,000 and it is intended that the transaction will be by means of a transfer of assets into the 2000 year of account of Syndicate 44, subject to the consent of Lloyd's. Members of the Syndicate are entitled to make representations to Lloyd's within twenty-one days.
	30 September 1999	Chartwell 240 closes into 44 David Poulten, who is the Underwriter of Short Term Life Syndicate 44, has been appointed run-off Underwriter of Syndicate 240 following the retirement of John Wilson earlier this year. In the Report & Accounts as at 31st December, 1998, CMA reported on the abortive attempt to close the open years of Syndicate 240 by reinsurance to close. They have now received a quotation for the reinsurance to close of all four open years from Syndicate 44 and believe that acceptance of this quote is the best available option at this time.
	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 The Ockham Group has now withdrawn the proposals, as non-Ockham Group shareholders of Lutine recently decided to commission financial advisers to advise on other sale possibilities, including by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.
	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.