Greenwich Group - Syndicate News

Bates Cunningham Underwriting Ltd

	24 November 1999	Limit Plc. purchase Torch Holdings Plc. The offer by Limit Plc. to acquire Torch Holdings Plc. has now been declared unconditional. It is intended that Limit Underwriting Ltd. will assume responsibility for the management of Syndicate 877 (including prior years) from Bates Cunningham Underwriting Ltd. Lloyd's consent to the appointment of John Neal as Active Underwriter for both Syndicate 877 (Torch) and Syndicate 980 (Ensign) has now been received.
	30 September 1999	Extension to the offer for capacity on Syndicate 877 Bates Cunningham Underwriting Ltd. is extending the offer being made on behalf of Torch Dedicated Corporate Member Ltd., to all members on Syndicate 877 to acquire all their capacity on the Syndicate for the 2000 and subsequent years of account. The closing date is now 19th October, the extension being effective from the previously revised closing date of 30th September, 1999. The extended offer is on identical terms and conditions to those set out in the capacity offer document and the relevant acceptance forms issued on 19th July, 1999. On 19th May, Bates Cunningham applied to Lloyd's for consent to a minority buy-out of the Syndicate. They will effect a minority buy-out provided the requisite permission is received from Lloyd's and the acceptances are received as a result of the offer which, when taken together with capacity on the Syndicate for the 1999 Account already owned by Torch Dedicated, amounts to 90% or more of the Syndicate's allocated capacity for 1999.
	03 September 1999	Bates Cunningham receive approval for ECO Lloyd's have now given approval for Bates Cunningham to launch a new service company European Claims Organisation Ltd. (ECO). David Sydenham and Dennis James have resigned from the Board of Bates Cunningham Underwriting Ltd. to take up directorships at ECO.
	17 March 1999	Torch branches out its claims service Bates Cunningham will be launching, subject to Lloyd's approval, a new service company European Claims Organisation Ltd (ECO). The cost of the formation of ECO is being borne by Torch Holdings Plc. and not by the Syndicate. It is hoped that Torch will be able to secure outside contracts for claims handling and that, in time, the work of ECO on behalf of the Syndicate will represent a diminishing part of the whole.
	04 February 1999	Cunningham Junior Takes Over Philip Cunningham (junior) has become a Director with effect from 28th January. He joined Bates Cunningham in 1992 and has been joint Deputy Underwriter of Torch Motor Policies, syndicate 877 since January 1997. Philip Cunningham (senior) will step down as Active Underwriter on 1st January 2000.