Greenwich Group - Syndicate News

Chartwell Managing Agents Ltd

	17 August 1999	Syndicate 544 - Mandatory Offer At Lloyd's request, Chartwell have clarified that their discussions regarding their obligation to make a mandatory offer in respect of rights to capacity on Syndicate 544 relate solely to the requirement to make a mandatory offer and that it is not their intention to subscribe for capacity in Auction 3.
	30 July 1999	Mandatory offer from Oak Following Auction 2, Oak Dedicated Limited, in conjunction with related companies, is entitled to participate in Syndicate 544 for 2000 with a premium limit of not less than 75% of the Syndicate's capacity. Oak is therefore obliged, under the Mandatory Offer Byelaw, to make an offer to the remaining members who are entitled to participate in Syndicate 544 for year 2000.
	28 July 1999	Syndicate 544 - Bilateral Deals Chartwell Managing Agency has announced that Oak Dedicated Ltd has agreed bilateral deals with various members of Syndicate 544 to acquire participation rights for the 2000 year of account, totalling Ł9,024,968, at a price of 5.0p per Ł1 in respect of the full amount of their eligible capacity (the equivalent of their 1999 participation less, in respect of MAPA's, amounts to which members who have given notice to leave are entitled). The bilateral transactions will take place parallel to and interact with the second Lloyd's capacity auction. Oak Dedicated has agreed that it will complete the bilateral deals in full, notwithstanding any interaction with capacity tendered in the auction. The total capacity of Syndicate 544 for the 1999 year of account is Ł33,447,548, of which Ł17,583,657 is provided by dedicated corporate members, none of which will tender capacity in the auction.
	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.