Capacity offer and Minority Buy Out – Syndicate 4040
On 15 September 2009 Lloyd’s gave its consent to a minority buy-out in respect of Syndicate 4040 (“the Syndicate”). The capacity offer (“Offer”) was made in July 2009 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 for the 2009 year of account. The Offer to acquire all the capacity on the Syndicate for the 2010 and subsequent years of account was conditional upon Lloyd’s giving such consent on or before 24 September 2009. Accordingly the Offer (which closed for acceptances at 4.00 pm on 18 August 2009) has now become unconditional.
Details of the Offer are set out in an offer document which was issued, in accordance with the Capacity Offer Rules, on 20 July 2009.
As a consequence of the above Syndicate 4040 capacity will not be traded in Auction 3 on 29/30 September 2009.
Please note:
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: 22 September 2009
Contact Information:
Agency contact name: David Feldman
Agency contact no: + 44 (0)20 7680 3008
For auction office use only: D2009015
