Greenwich Group - Syndicate News

Crowe Syndicate Management Ltd

	09 November 1999	Crowe discloses details of Syndicate 963's business interests Crowe Syndicate Management Ltd has advised that its parent company, Crowe Insurance Group (CIG), has acquired an interest in the following companies, and has written to capital providers, as required by Agency law, requesting that CIG's share of profits from these companies may be retained within the group for the 2000 underwriting year of account. By signing their Syndicate Lists, capital providers will be giving their consent. Direct Link Insurance Agency (DLIA) DLIA is an underwriting agency incorporated in the Republic of the Philippines to transact private car insurance on a direct basis. The venture has been developed in conjunction with the UCP Bank, a substantial Philippines banking institution. Novitas Underwriting Agency Plc (NUA) NUA acts as a coverholder operating under a binding authority from Syndicate 963 and is authorised to write business for private motor vehicles, light commercial vehicles and motorcycles and the estimated gross premium income to be provided to Syndicate 963 in the 2000 year of account is Ł7.5m. European General Insurance Company Ltd (EGH) EGH acts as an insurance company underwriting motor business from its offices in Galway, in the Republic of Ireland. It trades under a licence from the Department of Enterprise and Employment. The amount of business and estimated gross premium to be written by Syndicate 963 as co-insurer in the 2000 account is IRŁ9,000,000. The estimated profit for EGH for 2000 is Ł450,000, of which CIG's share is Ł45,000. Any capital arising from a disposal of shares in EGH will be retained by CIG on the grounds that the investment in EGH was made by CIG with no cost to capital providers. Crowe Insurance Group (Hong Kong) Ltd (CIGHK) As previously advised in their 2000 business forecast, CIG has opened an underwriting office in Hong Kong. The types of business written by Syndicate 963 for the 2000 account are as follows: Automobile insurance for private passenger and commercial vehicles: Ł3,000,000 Insurance and reinsurance of fire and allied classes for small commercial and residential property: Ł400,000 The estimated profit of CIGHK for 2000 is Ł249,000, of which CIG's share is Ł114,000.
	14 July 1999	Crowe Loading Lloyd's have advised Crowe Syndicate Management Ltd. 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 the Agency will act in respect of the 2000 year of account. Crowe are 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.
	14 July 1999	Holdsure 892 RITC goes to Crowe 963 Lloyd's have now approved the proposal for the 1996 reinsurance to close of Motor Syndicate 892 ("Holdsure") at 31st December, 1998 into Syndicate 963 and for this transaction to be processed as premium into the 1997 year of account of Syndicate 963. The proposed RITC would only result in a minimal increase in the risk based capital requirement of Syndicate 963 and therefore no additional Funds at Lloyd's are required.
	01 July 1999	Syndicate 963 - European Operations The Crowe Insurance group is currently looking to establish underwriting units in a number of European locations to provide a more appropriate base from which to develop its business. Their first office will be set up in Holland, with units in France and Germany to follow.
	23 March 1999	Syndicate 963 to reinsure 1996 Account of Syndicate 892 Crowe Syndicate Management Ltd. have recently been successful in the tendering process for the Reinsurance to Close of Syndicate 892 (Holdsure Motor). The premium payable amounts to Ł16,200,000 and Crowe are currently in discussion with Lloyd's regarding the processing of the contract into the 1997 Year of Account.