Syndicate 1200 Mandatory Capacity Offer
On 13 August 2008 Heritage (No 604) Limited issued the offer circular relating to its proposed offer to acquire all of the outstanding capacity on Syndicate 1200. The offer circular stated that the Managing Agent had recently received the following resignations:
- Nick Jones - Active Underwriter (Property - Syndicate 1200)
- Andrew Rowland – Class Underwriter (Property - Syndicate 1200)
- Darren Warkup – Class Underwriter (Property - Syndicate 1200)
- Simon White – Head of Claims, Property Claims Adjuster
Heritage Managing Agency Limited is pleased to announce that Neil Chapman, who has been working in the Lloyd’s Market since 1977, has accepted the role of Active Underwriter (Property - 1200), and James Johns has joined the Property team.
In addition, the Syndicate Business Forecast for the 2009 year of account, submitted in June, has recently been revised due to some minor adjustments. It now reflects a marginally lower return on stamp of 7.3% (Jun08: 7.5%) for the 2009 year of account.
As a result of the change in underwriter, the capacity on Syndicate 1200 may be traded in the fourth auction on the 13 and 14 November 2008 in addition to the third auction on 23 and 24 September. The trading of capacity in the fourth auction is still subject to confirmation by Lloyd’s.
Notes
This announcement is issued and approved by Heritage Managing Agency Limited which is regulated by the FSA and is an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000.
This announcement is relevant to the capacity offer which is being made by Heritage (No. 604) Limited. Heritage Managing Agency Limited is interested in this capacity offer.
Any person who is considering participating in this capacity offer should read carefully the circular relating to such capacity offer (and the syndicate business forecast(s) which will be available, free of charge from Heritage Managing Agency Limited, 47 Mark Lane, London EC3R 7QQ) and the risk factors set out in the circular. If you are in any doubt about any of the contents of this announcement or the circular or as to the action you should or should not take, you should obtain independent professional advice.
Date of issue: 22 September 2008
Contact information
Agency contact: Paul Battagliola
Contact number: +44 (0)207 712 7662
For auction office use only: D2008020
