Greenwich Group - Syndicate News

Brockbank Syndicate Management Ltd

	27 October 2000	XL to merge its two Lloyd's Managing Agencies Bermudan insurer XL Capital is to merge its two Lloyd's managing agencies as part of a substantial reorganisation of its business that will see 120 redundancies worldwide. Brockbank Syndicate Management and Denham Syndicate Management are to merge to form a new managing agency, XL Brockbank, with a capacity of approximately Ł524m, or 5% of the total market. Brockbank currently manages two composite syndicates: 588 (Metcalf) and 861 (Reith) and a parallel Corporate Syndicate 1209, which accepts business via a split stamp agreement from the other syndicates. Denham, which was acquired by XL subsidiary NAC Re in August 1998, manages the general non-marine Syndicate 990 (Matson). Brockbank said plans to merge the two agencies were still in embryonic form, and have yet to go to the regulators. A new management structure has not been worked out, nor has a decision been made on whether a new building would be sought, however, Peter Matson will remain active underwriter of Syndicate 990. Taken from Post Magazine - 19th October 2000
	25 October 1999	Brockbank Property Consortium proposal update Brockbank have advised that due to aggregation constraints, the proposed consortium split advised in September will now be revised to Syndicate 861/1209 - 85%: Syndicate 588/1209 - 15%. Brockbank further advise that they will reconsider a Syndicate merger for the 2001 Account.
	08 October 1999	Mark Brockbank resigns as Member of Lloyd's Mark Brockbank has resigned as a Member of Lloyd's and will not therefore participate on Syndicates 588 or 861 for year 2000. He will remain as Chief Executive Officer of the Brockbank Group and a member of the Lloyd's Market Board. Dornoch Ltd. has entered into a bilateral arrangement with Mr. Brockbank to acquire his capacity on Syndicates 588 and 861 during Auction 6. His current participations are Ł400,000 and Ł1,098,952 respectively and the bilateral offered for his capacity on both Syndicates is 8p/Ł. Dornoch Ltd. has reached an agreement with LIMIT (No. 4) Ltd. to acquire the rights it holds to participate on the 2000 Account of Syndicate 861 as follows:- Ł15m at 8p/Ł. Dornoch reserves the right to participate in the Auction at prices different to that outlined above and to consider other bilateral deals. Dornoch is the sole member on Syndicate 1209 which underwrites in parallel with Syndicates 588 and 861.
	16 September 1999	Property Consortium proposal for Syndicates 588, 861 and 1209 Brockbank is awaiting Lloyd's consent to underwrite Syndicate 861/1209's and 588/1209's property accounts in consortium for 2000. Jonathan Tay, Deputy Underwriter of Syndicate 861/1209 resigned unexpectedly in June this year. Richard Housley, North American property class Underwriter also resigned and will join the same company as Mr. Tay. Rather than replace these individuals, Brockbank has decided on this consortium arrangement which they feel makes sound commercial sense as: It should lead to reduced administrative costs and burdens; it is more economical than external recruitment and it will not affect either Syndicate's income forecast. Syndicate 588/1209 has always underwritten significantly less property income than 861/1209 but in November, 1998 recruited David Leathem to develop this account. The Syndicate expects to underwrite Ł7.5m of income for 1999 but income forecasts for 2000 have increased to Ł12.5m. It is proposed to split 2000 risks as follows: Syndicate 861/1209 - 75%: Syndicate 588/1209 - 25%. Finally, although a number of Syndicate 588/1209's and 861/1209's accounts are written in consortium, it is the intention of Brockbank Syndicate Management Ltd. to reconsider a Syndicate merger for 2001.
	09 September 1999	Merger of Syndicates 45 and 1156 into Syndicate 386 for 2000 Year of Account Lloyd's has now granted consent to merge Syndicates 45 and 1156 into 386 for the 2000 year of account, Accordingly, as detailed in their merger proposal document dated 23rd July 1999, Syndicates 45 and 1156 will cease trading as at 31st December 1999. Existing Names will be entitled to participate on in the 2000 year of account of Syndicate 386 on the following basis: Syndicate 45 Ł1 of capacity for every Ł1 of existing capacity Syndicate 386 Ł1.025 of capacity for every Ł1 of existing capacity Syndicate 1156 Ł0.85 of capacity for every Ł1 of existing capacity A business forecast will be submitted to Lloyd's, which should enable the Risk Assessment Capital Requirement for the merged Syndicate 386 to be calculated.
	30 June 1999	No merger for Syndicates 588, 861 and 1209! Due to uncertainty regarding the future of the Motor account, Brockbank have decided not to proceed with the merger of Syndicates 588, 861 and 1209 for year 2000. They will reconsider the merger next year.
	26 March 1999	Brockbank appoint Syndicate Investment Managers Brockbank have appointed PIMCO Global Advisers, a subsidiary of Pacific Investment Management Ltd, to manage the US and Canadian dollar funds of Syndicates 588, 861 & 1209 and Chase Asset Management (London) Ltd to manage the sterling funds of all Brockbank Syndicates.
	17 March 1999	Brockbank propose Syndicate merger An application has been made to Lloyd's to merge Syndicates 588, 861 & 1209 for the year 2000 to form an enlarged Syndicate 861. Brockbank also propose to increase the Managing Agents fee and level of profit commission.