Subject: Auction 4 Trading
Syndicate(s) Affected: 318
Following members’ and Lloyd’s approval of the merger between syndicates 318 and 1318 for 2012, as previously set out in auction disclosure D2011009 of 8 th September, as a consequence of the merger, members of syndicate 318 will be permitted to tender any or all of their capacity on the syndicate in the fourth auction by virtue of the following:
Syndicate 318's approved business plan includes an additional class of business to those shown previously in July’s disseminated syndicate business forecast. The class of business in question equates to 5% or more of the total forecast gross premiums to be written in the disseminated syndicate business forecast, and therefore paragraph 4(4)(b)(ii) of the Auction Rules shall apply.
The amount of gross premiums to be sourced via Binding Authorities within syndicate 318's approved business plan is greater by 10% or more than the amount shown previously for this source in the disseminated syndicate business forecast. Since the increase in gross premiums written from binding authorities is 5% or more of the total gross premiums written in the disseminated syndicate business forecast, then auction rule 4(4)(b)(v) shall also apply.
Date issued: 4/11/11
Agency contact name: A S Dawe
Agency contact no: + 44 (0)207 220 8200
For auction office use only: D2011029