Greenwich Group - Syndicate News

Chartwell Managing Agents Ltd

	20 April 2001	Trenwick announces changes at Chartwell Trenwick Group Ltd has announced various changes within its UK operation, Chartwell Managing Agents Limited (Chartwell). Michael Watson will become Chairman and Chief Executive of Chartwell and Trenwick International Ltd with effect from 1st May 2001, subject to regulatory approval. Mr. Watson was previously Chief Executive of Fairfax Financial Holdings' London and Bermuda Operations. Pierre Croizat, the current Chairman and Chief Executive Officer of Chartwell Ltd and Trenwick International Ltd, is retiring. David Marshall, the current Active Underwriter of Syndicate 839, is leaving the Group and his successor has yet to be named. James Giordano, currently Senior Vice President and Chairman of the Underwriting Committee of Trenwick America Reinsurance Corporation, will be relocating to London to become Underwriting Director of the UK operation. We understand that Brian Horwell, the Deputy Underwriter of Syndicate 839, and Peter Wright, the head of the Syndicate's Marine Underwriting Team, are also leaving the Company.
	15 March 2000	Marine Binder from Syndicate 839 to specialist Risks Underwriters Limited With effect from 1st April 2000, the marine division of Syndicate 839 will be writing mainly yacht and pleasure boat business via an underwriting agent, Specialist Risk Underwriters Limited ("SRUL"), which is a part of the Trenwick Group. As Chartwell Managing Agents Ltd ("CMAL") is also owned by the Trenwick Group, SRUL comes under the definition of a related party for which Lloyd's consent is required. Accordingly, an application has been lodged with Lloyd's to enable Syndicate 839 to write this business via a binding authority placed with SURL.
	04 January 2000	Trenwick Merger US-based Trenwick Group and Bermudian Company LaSalle Re Holdings Ltd have announced that they are to merge their operations to create a global insurance and reinsurance underwriting organisation capitalised in excess of US$1.2B. The new organisation is to be called Trenwick Group and will be based in Bermuda. The Chairman and Chief Executive Officer of Chartwell Managing Agents and Chairman of Trenwick International will remain the same, namely Pierre Croizat. Russell English will continue as Managing Director of Trenwick International and David Marshall as Underwriter of Chartwell's Syndicate 839.
	22 November 1999	Syndicate 839 Underwriter resigns membership As a result of a review of his RBC/Solvency requirements for next year, David Marshall will cease to be a member of Lloyd's and of Syndicate 839 through his inter-availability vehicle, Sands Underwriting Ltd., as at 31st December, 1999.
	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.
	17 March 1999	Chartwell close 657 but leave open 240 and 923 Chartwell have advised that, subject to Lloyd's approval, the 1994, 1995 & 1996 Accounts of Syndicate 657 will be closed into the 1999 Account of Syndicate 839 as at 31st December 1998.
	11 March 1999	Chartwell Syndicate 839 to reinsure Syndicate 657 Syndicate 839's quotation for the reinsurance to close the open 1994, 1995 and 1996 years of account of Syndicate 657 has been accepted (839 has quoted a premium of Ł85.7m). It is Chartwell's intention, subject to Lloyd's approval and final audit, to take the 657 reinsurance to close into the 1999 year of account of Syndicate 839 by means of a transfer of assets.