Greenwich Group - Syndicate News

Duncanson & Holt Syndicate Management Ltd

	25 November 1999	Syndicate 957 cash call Duncanson & Holt have written to its backers to advise that due to cash flow problems which are exacerbated by the added burden of U.S. trading requirements, Syndicate 957's high reinsurance gearing has made the problem that much more acute. A U.S.$64m loan facility provided by the Syndicate's bankers has so far enabled the Syndicate to meet its cash demands but with the decision made in September for the Syndicate to cease underwriting, the Bank was forced to call in the loan facility. Discussions held with other Banks to replace the loan with an alternative facility proved unsuccessful. The Board of Duncanson & Holt Syndicate Management Ltd. has therefore considered it necessary to make cash calls on Syndicate 957's 1997, 1998 and 1999 Accounts. The due date for the 1997 year of account call will be Friday 7th January, 2000 and for the 1998 and 1999 years of account Monday 28th February, 2000. In summary, the following cash calls are being made, shown as a percentage of capacity:- Cash call Payment date Forecast result 1997 Account 40% 7th Jan. 2000 (3%)-(8%) 1998 Account 40% 28th Feb. 2000 (15%)-(20%) 1999 Account 25% 28th Feb. 2000 No forecast to date
	01 October 1999	Syndicate 957 - Notice of cessation of underwriting UNUMProvident Corporation, the owners of DHSM are disposing of their Lloyd's interests. However, this does not include Syndicate 957. The Board of D&H has therefore decided that the Syndicate will cease underwriting subject to Lloyd's approval. Although UNUMProvident have indicated their support for the Syndicate for 2000, there is little prospect of it attracting capacity for 2001. D&H have made it clear that the decision to cease underwriting is no way reflective of the performance of the Underwriter, Gareth Absalom or his team. Mr. Absalom's contract cannot be terminated until 31st March, 2000 and the notice period on his contract is six months. Subject to Lloyd's approval, he will oversee the Syndicate's orderly run-off. Given the circumstances, DHSM does not propose to offer compensation to the members of the Syndicate for its cessation.
	07 July 1999	Ralph Sharp to remain on DHSM Board Ralph Sharp has agreed to remain on the Board of DHSM in a non-executive capacity.