Greenwich Group - Syndicate News

Greenwich Managing Agency Ltd

	10 January 2003	Greenwich announce plans for 2003 Underwriting. Greenwich Insurance Holdings plc ("GIH") is pleased to announce that it has reached agreement with Imagine Insurance Company Limited ("Imagine") whereby Imagine can acquire a two-thirds interest in GIH's subsidiary company Greenwich Managing Agency Ltd. ("GMA"). GMA's main business is the operation of a managing agency within the Lloyd's market in London. The transaction is subject to Lloyd's and Financial Services Authority (FSA) approval in the UK. At the same time Imagine has provided capacity to support Syndicate 994 for the 2003 underwriting year through a new limited liability corporate member of Lloyd's. Syndicate 994's capacity for 2003 is Ł40.4m (2002 Ł70.4m). In view of the reduction in capacity GMA has decided to carry out a comprehensive review of its portfolio prior to committing substantial capacity to the current underwriting year. To this end the Marine Excess of Loss account, which has a significant 1 January renewal book, will continue to be written as normal. Other classes will be underwritten on a highly selective basis until the review is complete. Richard Thynne, Chairman of GIH and Managing Director of GMA said, "I welcome the support we have received from Imagine and look forward to working with them on the development of GMA and Syndicate 994" Brad Huntington, Co-Chief Executive Officer of Imagine said, "We are pleased to be able to support Syndicate 994 and to acquire a major interest in GMA. We see this as the start of long term relationships with both GMA and the Lloyd's Market which will give us the opportunity to build on our base of underwriting discipline and develop new products and solutions over the next few years." The Imagine Group is a specialist finite-risk organization whose products deliver structured insurance and reinsurance capital solutions to clients worldwide. Imagine Insurance Company Limited is a Barbados incorporated company rated "A" (Strong) by Fitch and A- (Excellent) by A.M. Best.
	06 September 2002	Syndicate 994 make mid-year Pre-emption. Greenwich Managing Agency Limited has received Lloyd's approval to increase the underwriting capacity for Syndicate 994 to Ł70.4m for 2002. National Indemnity Company, part of the Berkshire Hathaway Group, has provided the additional capital support by means of reinsurance to the Syndicate through Greenfield Underwriting Limited, a corporate member supporting 994 exclusively.
	02 January 2001	Martin Thorpe joins Syndicate 994 Greenwich Managing Agency Limited is pleased to announce that Martin Thorpe has recently joined Non-marine Syndicate 994 to write a Marine X/L Book of Business for the 2001 year of account. The syndicate's estimated premium income for the Marine X/L book for 2001 will be Ł5M. Martin joined Syndicate 994 from Syndicate 1121, where he wrote a similar account. Prior to that he was employed by Europa Re in Germany.
	20 December 2000	Syndicate 994 announce pre-emption for 2001 Greenwich Managing Agency Ltd (GMA) is pleased to announce that consent has been gained under paragraph 4A of the Syndicate Pre-emption Byelaw to pre-empt the allocated capacity of Syndicate 994 from its present capacity of Ł60M to Ł70M for the 2001 year of account. In addition, consent under paragraph 10 of the byelaw has been granted to allow GMA to make this pre-emption later than the prescribed last date.
	24 November 2000	Syndicate 994 appoints Marine X/L Underwriter Greenwich Managing Agency has appointed Martin Thorpe to underwrite a Marine X/L Reinsurance Account for Syndicate 994 for the 2001 Account. Martin joins Cliff Simmond's team from Syndicate 1121; prior to that he was with Europa Re in Germany.
	03 November 2000	Greenwich's Capital Loading Lifted At its meeting on 31 October 2000, the Prudential Supervision Committee of Lloyd's Regulatory Board (PSC) considered that Greenwich Managing Agency Limited had reached the standards of management and control required by Lloyd's. Accordingly, it decided to withdraw the capital loading imposed on 22 June 2000.
	10 November 1999	Acquisition of the management of Syndicates 994, 947/2947 and 923/2923 On the 5th November Lloyd's gave consent to Greenwich Managing Agency Ltd. (GMA) to manage all open and run-off years of account for Syndicates 994, 947/2947 and 923/2923.
	21 September 1999	Results of Chartwell Merger Ballots Chartwell Managing Agents Ltd (CMA) held Syndicate meetings on 10th September 1999 for the purpose of considering and voting on the merger proposals. The percentages of the vote by capacity attributable to those voting in favour were: Syndicate 947 - 100% Syndicate 994 - 99.87% The results of the ballots have been confirmed by the recognised auditors of the Syndicates and CMA Ltd has applied to Lloyd's for approval of the proposed Syndicate merger under the Major Syndicate Transactions Byelaw (No.18 of 1997) and for consent to give members of the Syndicate notice of termination of their agency agreements under the terms of the Agency Agreements Byelaw (No.8 of 1998).
	30 July 1999	Proposed acquisition of Syndicates 947 and 994 by Greenwich Insurance Holdings Plc. The Boards of Chartwell Managing Agents Limited ("Chartwell") and Greenwich Insurance Holdings Plc. ("Greenwich") are pleased to announce that they have reached agreement in principle for the acquisition of Syndicates 947 and 994 by Greenwich. Under the proposed agreement, Greenwich Managing Agency Limited ("GMA"), a wholly owned subsidiary of Greenwich, would acquire the right to manage the Syndicates for the 2000 year of account; in addition the current open years of account of Syndicates 923/2923, 947/2947 and 994 will be managed by GMA. This transaction is subject to the approval of Lloyd's and consultation with capital providers. Consideration for the acquisition includes a rebate to Chartwell of a proportion of net profit commissions due to the Managing Agent for the 2000, 2001 and 2002 years of account. Subject to the approval of Lloyd's and capital providers it is proposed to merge the businesses of 994 and 947 for the 2000 year of account. The merged Syndicate will write broadly the classes of business currently written by Syndicates 947 and 994 and will have a capacity in the region of Ł55m for the 2000 year of account. The Active Underwriter will be Cliff Simmonds, MA FCII and the Deputy Underwriter will be Jeremy Walker, BA ACII. Bill Deem, current Active Underwriter of Syndicate 994, will take on a new role as Business Development Consultant whilst also retaining responsibility for the close of the 1997 Account.
	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.
	06 April 1999	Chartwell to make Cash Calls during 1999 Syndicate 994 In order to alleviate cash flow restrictions caused by the US trust fund requirements, the Syndicate has found it necessary to make a cash call of 4% of capacity in respect of the 1997 year of account, due for payment on 30th June 1999.
	08 February 1999	Extended Warranty Update - Syndicate 994 This syndicate's involvement in these contracts is considerably smaller than syndicates 947/2947 and 923/2923 (please see relevant pages). Chartwell have stated that they are making every effort to ensure that this syndicate's 1996 account is closed at the normal time.