Greenwich Group - Syndicate News

Limit PLC

	12 September 2000	Future Plans for Syndicate 79 Limit PLC has now announced their likely future proposals for the 2001year of account. Following the resignation of Barnabus Hurst Bannister as active underwriter, consideration has been given to the future of the syndicate. The likely proposals envisage a two stage restructuring of the syndicate. The syndicate currently writes in two main areas. Approximately 40% comprises a broadly based marine account and the remainder is non-marine, made up principally of direct property and liability classes. Accordingly, Limit's proposal is likely to be to establish two distinct divisions within the syndicate, with the marine division headed up by Steven Gargrave, currently active underwriter of QBE Sub-syndicate 2724 and the non-marine division by Mark Harrington, active underwriter for QBE Sub-syndicate 2000. Mark Harrington is likely to be proposed nominated active underwriter of Syndicate 79 as a whole. Both underwriters would also retain their existing current roles and accordingly, the necessary multiple syndicates' consents to these proposals will be required from Lloyd's. The second stage of restructuring is likely to be proposed for the 2002 account, whereby the two divisions created within the syndicate would merge with their complimentary QBE Sub-syndicates. Limit has also announced the resignation of a further four of the syndicates' class underwriting staff, namely Paul Dawson (Energy), David Croom-Johnson (Marine Liability), Richard Palengat (Marine Hull) and John Chambers (Property).
	08 August 2000	Limit announce staff changes Limit PLC has announced that Barnabus Hurst-Bannister will be resigning from his role as Active Underwriter of Syndicate 79 at the end of September. QBE expects to clarify its plans for his successor in early September, following the completion of the Limit acquisition.
	14 January 2000	Transfer of business from Syndicate 566 to Syndicate 79 for 2000 account Limit Underwriting Limited has confirmed that, following the completion of the consultative process, Lloyd's has given its consent to the transfer of the business of Syndicate 566 to Syndicate 79with effect from 1st January 2000.
	25 November 1999	Proposed transfer of business from Syndicate 566 to Syndicate 79 through Limit John Hamblin, the Underwriter of Syndicate 566 has concluded that the Syndicate's best interests would be served, for the time being, through the consolidation of the Syndicate's activity to those areas of business that have historically formed its core accounts being Marine, Non-Marine and Aviation excess of loss reinsurance and political risks business. It is proposed that the direct Marine account, developed by Michael Moss, will be discontinued within Syndicate 566 at the end of this year and transferred to Syndicate 79. The envisaged transfer of business will occur in respect of any 2000 Account risks and Barnabus Hurst-Bannister and John Hamblin, Underwriters for Syndicate 79 and Syndicate 566 respectively, together with Michael Moss, fully endorse these proposals.
	25 October 1999	Janson Green acquire property coverholder Janson Green Ltd. has recently completed the acquisition of EMC, a profitable property coverholder based in Toronto which writes approximately C$4m of premium under a Lloyd's facility led by Syndicate 79.
	20 October 1999	Elvin Patrick and Brian FitzGerald to resign from Limit Board The Boards of Bankside Syndicates Ltd and Janson Green Ltd have announced that Elvin Patrick and Brian FitzGerald, current chairmen of Bankside and Janson Green respectively, will be resigning from all Limit Group Boards at the end of October, when the two agencies merge. Steven Burns will be Managing Director of the merged agency and Peter Grove will be Underwriting Director. Laurence Holder, currently Managing Director of Bankside, will become Deputy Managing Director and Jonathan Agnew will chair the agency Board.
	01 October 1999	Janson Green Ltd. and managed Syndicates 79 and 386 LIMIT Plc. has announced its intention to merge the business of the Bankside Managing Agency with the business of Janson Green Ltd. as at 25th October, 1999. Subject to Lloyd's approval, the management of all Bankside Syndicates will be transferred to Janson Green which, in turn, will change its name to Limit Underwriting Ltd.
	23 June 1999	Pastures new for Robert Grant Robert Grant, who was responsible for Syndicate 79's excess of loss reinsurance account and previously a senior Deputy Underwriter at Syndicate 1215, has left Janson Green. The Syndicate intends to concentrate its underwriting activities for the 2000 Account on direct business (including treaty business). Their decision to withdraw from non-proportional reinsurance is strategic and in no way reflects on Robert Grant.
	12 January 1999	Syndicate 79 Involved in Extended Warranty Problem This syndicate has written two extended warranty contracts during 1995, 1996 and 1997. They have received actuarial estimates from the leader concerning both contracts, which leads them to believe that they may have to establish additional gross and net IBNR for the 1995 and 1996 years of account of approximately US $5.5 m., or 2.5% of stamp. Additionally, IBNR for the 1997 year is estimated at US $2 m. or 0.9% of stamp. Despite this the forecast results for 1996 and 1997 remain unchanged.