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ANV Syndicates Limited

Managing Agent Name: ANV Syndicates Limited

Subject: Disclosures Auction Season 2017

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 2017 year of account (YOA).

Members are also referred to the Business Plan Narrative for the 2017 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 2015.

Managing Agency Ownership

As part of the ANV acquisition of the Jubilee Managing Agency Limited (‘Jubilee’) from Ryan Specialty Group, LLC (‘RSG’) in December 2013, RSG acquired a 19.99% ownership of ANV Syndicate Management Limited (‘ASML’). On 15 July 2016, ANV re-acquired RSG’s interest in ASML, increasing its holding in the ANV Managing Agencies to 100%.

On 19 April, AmTrust Financial Services entered into an agreement to acquire ANV Holdings B.V. and its affiliates from Ontario Teachers’ Pension Plan Board. The transaction is currently pending regulatory approval and will proceed to close once this has been received.

Syndicate Capital Requirements

For the 2017 YOA, the Syndicate is not subject to any capital loadings, including in respect of Solvency II compliance.

Management Changes

On 23 February 2016 Sheldon Lacy joined ASL as the Chief Risk Officer, bringing extensive experience to the role having previously served as Risk Director at Validus and Head of Group Financial Risk at RSA.

2017 YOA Performance

Following a period of portfolio and team restructuring during 2015 and 2016, the 779 underwriting team is well positioned to deliver the 2017 SBF. However, given the current soft conditions in the niche term-life market, at the premium levels projected for 2017 the Syndicate remains sub-scale and this is reflected in the forecast result within the SBF.

Date issued: 28 October 2016

Contact Information

Agency contact name: Graham Luckett

Agency contact no: + 44 (0) 207 280 6218

For auction office use only: D2016005

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