Syndicate Results Forecasts and Business Forecasts; Allocation of Syndicate Capacity to the Active Underwriter
Syndicate(s) Affected: Syndicate 1176
Results forecasts
The latest forecast results for the 2007 and 2008 years of account of Syndicate 1176 that have been included in the second quarter 2009 QMR are as follows:
|
Year of Account |
Capacity
(£m) |
Current
forecast
(%) |
Previous
forecast
(%) |
|
2007 |
27.5 |
+42.5 to +52.5 |
+40.0 to +50.0 |
|
2008 |
27.5 |
+30.0 to +45.0 |
+20.0 to +40.0 |
The above forecasts include the deduction of Names’ expenses, which comprise personal expenses, including Managing Agent’s fees and profit commissions, but exclude the fees of Members’ Agents. These forecasts are subject to the usual caveats applicable to Lloyd's syndicate results forecasts, and accordingly are subject to revision in due course.
Business forecast
In June 2009, Chaucer Syndicates Limited submitted the 2010 Syndicate Business Forecast (SBF) for Syndicate 1176, which proposed an underwriting capacity of £31.5m.
Allocation of Syndicate Capacity to the Active Underwriter
Having received the requisite levels of approval from the members of Syndicate 1176, and subject to completion of contractual negotiations, Chaucer Syndicates Limited intends to allocate an additional £160,000 of capacity to a corporate name controlled by Michael Dawson, the current Active Underwriter, for the 2010 year of account. Restrictions to prevent the transfer of that capacity persist until coming into line for the 2020 year of account. The capacity will not have voting rights.
This will increase the proposed capacity for 2010 to £31.66m from £31.5m. The proposed 2010 capacity is subject to SBF approval by Lloyd’s.
If Michael Dawson ceases to be Active Underwriter of the Syndicate, then that capacity will be cancelled, except in certain circumstances.
In addition, if the corporate name has insufficient Fund’s at Lloyd’s the support all or part of the capacity, then that part which is unsupported will revert to Chaucer Syndicates Limited for cancellation.
The purpose of the capacity allocation is to both act as a retention mechanism for the Active Underwriter and to align further his interests with those of the capital providers as a whole.
Date issued: 3 September 2009
Contact Information
Agency contact name: Robert George
Agency contact no: + 44 (0)207 105 8055
For auction office use only: D2009006
