QBE Underwriting Ltd
Managing Agent Name: QBE Underwriting Limited
Subject: 2019 Business Plan and Syndicate Protocols
Syndicate Affected: Syndicate 386
2019 Business Plan
Syndicate 386’s 2019 Syndicate Business Forecast (“SBF”), as submitted on 13 September 2018, has been approved by Lloyd’s CPG.
For the purpose of determining Syndicate 386’s Economic Capital Assessment for 2019, the modelled capital requirement has been updated for current data and some other model changes, resulting in a lower SCR than in 2018.
Syndicate underwriting protocols (“the protocols”) were established for the 2008 underwriting year, following the merger of QBE European Operations’ Lloyd’s and company casualty teams, to ensure that, subject to client request, Syndicate 386 held business continues to be renewed into the syndicate and that a subjective and fair allocation basis be applied to new business.
The protocols and the underlying allocation basis remain materially unchanged since their establishment, however the cost of their management and administration represents an increasing burden on the syndicate. This is expected to escalate further following the introduction of Lloyd’s Brussels solution. Considering this growing inefficiency and ever tighter underwriting margins, we will be seeking an alternative solution to the protocols, with a view to their ultimate removal by the end of 2019. In the interim, existing protocols will remain in place and subject to client request.
Date issued: 22 October 2018
Agency contact name: Robert Nias
Agency contact no: + 44 (0) 2071054071
For auction office use only: D2018011
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