Subject: Auction 4
Syndicate(s) Affected: 557
TEXT:
Consistent with the criteria set out in Auction Rules 4(3)(c)(i) and (ii), Syndicate 557 will be entered into the forthcoming Auction 4. The trigger points for inclusion are defined as:
“the indicative Individual Capital Assessment (ICA) for the syndicate reflected in Lloyd’s Member Modelling software has increased by 10% or more between 11 August and 28 October 2011”.
This increase is due to the impact of RMS version 11 combined with the increased premium shown in the Approved Business Plan.
And;
“the amount of gross premium written from a source of business in the Approved Business Plan is greater by 10% than the amount of gross premium written for the same source in the Disseminated Syndicate Business Forecast; and secondly this increase in gross premium written in the source of business is 5% or more of the total gross premium written in then Disseminated Syndicate Business Forecast.”
Following the merger between Syndicate 807 and Syndicate 510 there is a requirement to increase reinsurance cessions from Syndicate 510 and rather than cede to third party reinsurers Kiln are seeking to offer this business to Syndicate 557.
Date issued: 7 November 2011
Contact Information
Agency contact name: Laura Guerin
Agency contact no: + 44 (0)20 7767 2111
For auction office use only: D2011031
