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ERS Syndicate Management Limited

Managing Agent Name: ERS Syndicate Management Limited

Subject: Strategic Review/2019 Syndicate Business Forecast 

Syndicate(s) Affected: 218

TEXT:  Aquiline Strategic Review

Lloyd’s and Members’ Agents have already been advised that its majority shareholder, Aquiline, has commenced a strategic review of its continuing investment in ERS. Subject to these notifications, the review is continuing. There is nothing further to add at this stage 

2019 Syndicate Business Forecast

Following discussions with Lloyd’s, the forecast premium for 2019 has been capped at £370m, representing no growth in income for next year.  In addition, the SCR for 2019 has been loaded by £17m, which increases the ECA by £23m. These changes to the plans for 2019 are due to Lloyd’s taking the following actions:  Lloyd’s have disallowed the submitted negatively correlated market risk element of the SCR and have applied a loading as a result of managed syndicate 218 failing to meet its SBF loss ratios in the past few years.

Date issued: 22/10/2018

Contact Information

Agency contact name: Peter Merrett

Agency contact no: + 44 (0)203 824 5589

For auction office use only: D2018009

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