Cathedral Underwriting Ltd

Managing Agent Name: Cathedral Underwriting Limited

Subject:  2018 Market Conditions

Syndicate Affected: 2010

Following the recent catastrophe events that have affected the insurance and reinsurance markets the Syndicate is anticipating a hardening of terms and conditions for 2018. The Syndicate has factored these assumptions into its 2018 business plan, although there is still considerable uncertainty around the level of market correction for 2018, particularly in respect of the Non Marine Reinsurance and Direct Property classes.

In the event that the market conditions improve materially over that currently assumed within the plan Cathedral Underwriting Limited will look to re-submit their 2018 business plan during 2018 with an increased income which could result in an increase in the capital requirement for supporting capital.

Cathedral Underwriting Limited currently believes that the existing stamp capacity will be sufficient to meet any additional income. If this is not the case then Cathedral Underwriting Limited will explore all the options available in order to best serve its capital providers. If there are any material deviations away from the Syndicates current strategy or 2018 plan then Cathedral Underwriting Limited will engage its capital providers as soon as practically possible.

Date issued: 27 October 2017

Contact Information

Agency contact name: Adam Beardon

Agency contact no: + 44 (0) 20 7170 9031

For auction office use only: D2017008

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