Greenwich Group - Syndicate News

Chartwell Managing Agents Ltd

	19 July 2000	Syndicate 744 to cease trading for 2001 Account Following notice that CGNU Plc will withdrew capacity from Syndicate 744 for the 2001 Account,. Marlborough has decided that Syndicate 744 will not trade forward for next year and has stopped accepting business. CGNU provided 80% of the 2000 Account capacity of Ł22 million. Marine reinsurance business continues to be written by CGU Syndicate 1861.
	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.
	08 July 1999	New Marine joint venture for Chartwell Chartwell Re Corporation have recently announced a new joint venture with Swiss Re and Thomas Miller & Co. Ltd., involving the formation of a new Lloyd's Syndicate to underwrite blue water hull risks. They envisage that the new Syndicate will effectively be owned 78% Swiss Re and 22% Chartwell and will be managed by Chartwell Managing Agents Ltd. Subject to Lloyd's consent, Peter Wright, Underwriter of Syndicate 741/2741 will become the Underwriter of the new Syndicate. They propose to transfer the direct hull risks and increase value business within Syndicate 741/2741 to the new Syndicate (so that such risks incepting on and after 1st January, 2000, would be written by the new Syndicate).
	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.