Argo Managing Agency Ltd
Managing Agent Name: Argo Managing Agency Limited
Subject: Auction Four Disclosure
Syndicate Affected: 1200
As previously disclosed on 28th September 2015, Argo Managing Agency Limited intends to establish a Special Purpose Syndicate (SPS) for 1st January 2016 in partnership with Asia Capital Reinsurance Group Pte Ltd.
The business plans for Syndicate 1200 and SPS 6127 have now received approval from the Lloyd’s Capital Planning Group.
As a consequence, Syndicate 1200 has triggered Auction Rule 4(4)(b)(v) because the amount of gross premiums written for a source of business in syndicate 1200's approved business plan has increased by 10% or more compared to the amount of gross premiums written for the same source of business in the disseminated syndicate business forecast. That change in gross premiums written in the source of business is 5% or more of the total gross premiums written in the disseminated syndicate business forecast.
For the same reason as above, Syndicate 1200 has also triggered Auction Rule 4(3)(a) because the capacity for the 2016 YOA as shown in the syndicate’s approved business plan exceeds the amount indicated in the disseminated syndicate business forecast although the triggering of Rule 4(4)(b)(v) will mean that all of the capacity on the syndicate is tradeable in the fourth auction.
Date issued: 3rd November 2015
Agency contact name: Mike Jackson/Darren Argyle
Agency contact no: + 44 (0)2077127510
For auction office use only: D2015019
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