Subject: Beazley Staff Pre-emption Increase 2012
Syndicates Affected: 623/2623
The Syndicate Pre-emption Byelaw (“the Byelaw”) permits the allocation of syndicate managed capacity to “agency staff”. We are seeking Lloyd’s and members’ consent to increase the capacity of our staff corporate member for the 2012 Year of account.
It is too early to confirm the level of participation for the 2012 year of account however no general increase in the pre-emption level of capacity on Syndicates 623/2623 is being sought for 2012. We would wish to have the additional staff capacity granted within the allowed limit according to the Byelaw.
It is expected that the additional staff capacity will be no more than £3m and will be granted under the condition that the capacity would be non-voting, non-value and in the event that employees reduce their staff pre-emption underwriting, resign or leave their employment dropped capacity will be cancelled by the Managing Agency or re-allocated within the staff corporate member and not reallocated to the aligned Corporate Member. The aggregate capacity allocated to the staff corporate member will not exceed 2% of the stamp capacity in any one year of account.
Capital providers via their members agents were advised of this proposal in a letter dated 19 August 2011 and invited to confirm or otherwise their support for the proposal. No adverse responses were received.
In accordance with the Byelaw, please take this as notice of our intention to allocate capacity as detailed above.
Date issued: 9 September 2011
Contact Information
Agency contact name: Martin Bride
Agency contact no: + 44 (0) 207 674 7291
For auction office use only: D2011019
