Results of Capacity Offer relating to Syndicate 4040
The offer by Nameco (No. 808) Limited (“Nameco 808”) – a member of the HCC group of companies which currently provides 87.43 per cent of the syndicate allocated capacity of Syndicate 4040 (the “Syndicate”) for the 2009 year of account - to acquire all of the prospective participations in respect of the Syndicate for the 2010 and each subsequent year of account (“capacity”) not already owned by Nameco 808 (the “Offer”) closed at 4.00pm on 18 August 2009.
As at the time of the Offer closing, acceptances had been received from 185 of the 205 other members of the Syndicate in respect of £6,143,586 of capacity, representing in aggregate 91% of the non-Nameco 808 capacity of £6,780,917.
The member’s syndicate premium limits in respect of the Syndicate for the 2009 year of account of acceptors of the Offer, when taken together with the member’s syndicate premium limit in respect of the Syndicate for the 2009 year of account of Nameco 808, represent 99% of the total syndicate allocated capacity of the Syndicate for the 2009 year of account.
On 19 August 2009 an application was made for consent to make a minority buy-out of the third party capacity currently remaining on Syndicate 4040. Given that the minority buy-out application will not have been determined before the commencement of auctions 1 and 2, Lloyd’s has suspended trading of Syndicate 4040 capacity, pending its decision on the application.
If Lloyd’s does not grant permission for a minority buy-out on or before 24 September 2009 and the Offer lapses, persons who had accepted the Offer and who wish to dispose of their Capacity will have an opportunity to do so in auction 3 on 29/30 September 2009.
There is now a period of 21 days (commencing on 19 August) in which non-accepting members may make representations to Lloyd’s, following which a Lloyd’s committee will meet to consider the application.
Details of the Offer were disclosed in a previous auction announcement made on 22 July.
This announcement has been prepared in accordance with Lloyd’s requirements. Nameco 808 has confirmed to Lloyd’s that this announcement complies with the Capacity Offer Rules. This announcement has not been approved by Lloyd’s.
This announcement is issued by HCC Underwriting Agency Ltd (“HCCUA”) of Walsingham House, 35 Seething Lane, London EC3N 4AH, which is regulated by Lloyd’s and the Financial Services Authority.
This announcement relates to an unlimited cash offer for capacity on Syndicate 4040 which is being made by Nameco 808.
HCCUA is the managing agent of Syndicate 4040 and is therefore interested in the Offer.
This announcement does not constitute a solicitation, invitation or offer to persons in any jurisdiction where a solicitation, invitation or offer could be contrary to law.
Date issued: 27 August 2009
Contact Information:
Agency contact name: David Feldman
Agency contact no: + 44 (0)20 7680 3008
For auction office use only: D2009004
