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ANV Syndicates Ltd

Managing Agent: ANV Syndicates Limited

Subject: Disclosures Auction Season 2016

Syndicate Affected: s.779

This statement has been prepared by ANV Syndicates Limited (ASL) for the purpose of disclosing to existing and prospective underwriting members of Syndicate 779 (the Syndicate) information which may be of relevance to such members in considering their participation for the 2016 year of account (YOA).

Members are also referred to the Business Plan Narrative for the 2016 YOA, other SBF documents, and the Syndicate’s latest financial statements and quarterly returns, all of which have either been provided or are available to members (or their representatives as appropriate), and which include information on various changes affecting ASL and/or the Syndicate which have taken place since the end of 2014.

Prospective Aligned Capital Participation

ANV is in talks with Ryan Specialty Group Risk, LLC (RSGR) to purchase the share capital of RSGR’s Corporate Name entities. Any such deal would result in ANV acquiring RSGR’s freehold rights on the Syndicate representing 32.4% of 2016 stamp.

At this time RSGR’s 20% ownership of the ANV Managing Agencies will remain unchanged.

Capital Loadings

As at Auction 1, ASL continues to be considered to be non-compliant with Solvency II by Lloyd’s. The Lloyd’s Capital Planning Group (CPG) meeting to review the Syndicate Business Forecasts, Syndicate Capital Requirements and ASL’s Solvency II rating, will take place in early October 2015. The outcome of this meeting and on-going discussions with Lloyd’s will determine the capital requirement for the Syndicate for the 2016 YOA.

Underwriting Changes

In July 2015, Sue Clark joined as Senior Underwriter for the Syndicate, reporting to Cathy Garner, Active Underwriter of the Syndicate. Sue is responsible for the underwriting of the Individual Life Portfolio with special focus on high risk, non-standard lives. Sue joined from Kiln Life (Lloyd’s Syndicate 308).

Management Change

In April 2015, R. Matthew Fairfield stepped down as the Chief Executive Officer of ANV Group and ASL, at which point Andrew Hall was appointed as interim Managing Director of ASL. ASL is in discussions with a candidate to assume the role of Managing Director on a permanent basis.

Apollo Turnkey

ASL provided turnkey services for Apollo’s Syndicate 1969 until August 2015, at which point 1969 migrated to its own managing agency. ANV Group continues to provide Apollo with a material level of outsourced services across a number of support functions, on a commercial third party basis.

Directors’ and Staff Participations / Interests

Tony Hulse holds a common non-executive directorship on the Board of ASL and Apollo Syndicate Management Limited.

Related Parties Transactions

ASL remains subject to a variation to its regulatory permission under which gross net premiums produced to an ASL Syndicate by subsidiaries of Ryan Specialty Group, LLC in a given YOA may not exceed 20% of that Syndicate’s stamp capacity in that YOA. ASL does not expect this restriction to affect its ability to deliver its Syndicates’ 2016 SBFs in any way.

Date issued: 28 September 2015

Contact Information

Agency contact name: Jamie Ingham Clark

Agency contact no: + 44 (0) 207 280 6290

For auction office use only: D2015014

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