Mid year change of Active Underwriter of Syndicate 958 (“the Syndicate”)
Changes to the Omega Underwriting Agents Limited’s (“OUAL”) board of directors
Omega previously announced on 10th March 2009 that Daria Vanous would be succeeding John Robinson as Active Underwriter of Syndicate 958 for the 2010 year of account. Given that the significant majority of planned business for 2009 has now been written, at this juncture the focus of work on Syndicate 958 is now on finalising the business plan for 2010, which is subject to approval by Lloyd’s, and preparing for the renewal of business during the fourth quarter. Consequently, Omega announces that Ms. Vanous is assuming the role of Active Underwriter of Syndicate 958 with immediate effect and that Mr. Robinson is now standing down as the Active Underwriter and as a director of Omega Underwriting Agents Limited. Mr. Robinson will continue in his role as Chief Underwriting Officer and as a director of Omega Insurance Holdings Limited.
Members’ agents have now given their approval for the Syndicate’s capacity to be increased by 12% for the 2010 year of account. This will result in the Syndicate having an effective capacity for 2010 of GBP 280m (2009 - GBP 250m). At the time of the request for the pre-emption members of the Syndicate were provided with details of the latest plan for 2010 (“the Latest plan”). That plan showed forecast stamp written premium income on a Lloyd’s basis of GBP 257.5m. This figure is based upon Lloyd’s 2010 business plan exchange rates.
Daria Vanous, together with the OUAL Board, is continuing to keep this Latest plan under regular review. This review takes into account additional market information as it becomes available. The OUAL Board will meet to agree the final plan prior to its submission to Lloyd’s which is due on the 18th September.
As was stated in the Capacity offer document issued by Omega in June and again in the pre-emption request letter sent to members’ agents in July, all syndicate business plans and associated ICAs are to be approved by Lloyd’s. Such approvals are required prior to any business being able to be underwritten by the syndicate for the 2010 year of account. Lloyd’s have the right to require changes to business plans submitted prior to approval being granted. Members are therefore reminded that information contained in the final plans to be submitted on 18th September are subject to review by Lloyd’s and that following the conclusions of that review the plan may be subject to amendment. Similarly any subsequent changes felt necessary to the plan would require Lloyd’s prior approval.
At the same time in light of having served in excess of 10 years on the OUAL Board as non executive Chairman, Roger Morgan has tendered his resignation from the board of OUAL. The new Chairman of the Board, subject to Lloyd’s approval, is John Powell who currently serves on that Board as a non executive. Daria Vanous has also been appointed as a director of OUAL.
Date issued: 4 September 2009
Contact Information
Agency contact name: Andrew Adie
Agency contact no: + 44 (0)20 7767 3000
For auction office use only: D2009008
