Managing Agent Name: Equity Syndicate Management Limited
Syndicate Affected: 218
1. As previously announced at the time of the change of control in April 2013, and subsequently confirmed within the Syndicate 2014 SBF Commentary, the following key changes will be made for the 2014 Underwriting Year of Account.
Personal Accident and Property
As part of the revised strategy of focusing exclusively on specialist and niche motor business, a decision has been taken that Syndicate 218 will cease to underwrite Personal Accident and Household business. An agreement has been reached to sell this portfolio to Canopius Managing Agents Limited and we fully expect to complete this transaction by the end of Quarter 3 2013.On this basis, there will be no Personal Accident or Household premium written by the syndicate in 2014.
Equity Direct Broking Limited (EDBL)
A decision has recently been announced by Aquiline to seek a sale of EDBL (the in-house broking firm within the Equity Insurance Group) and a preferred bidder has been identified.
This transaction is expected to result in a material reduction in the amount of premium written by Syndicate 218 sourced from EDBL. This reduction has been fully provided for in our 2014 SBF.
The above changes are expected to be completed by the end of Quarter 4 2013.
2. Andrew Gibson CFO
After long deliberations Andrew Gibson has decided to pursue his career outside of Equity. Andrew’s strong commercial acumen will be missed along with his in-depth knowledge of our business and market.
The role of CFO has changed substantially and is a more focused role than it used to be. This is the key reason that Andrew has decided to leave.
His departure though will be planned carefully and Andrew has agreed to work through the transition to a new CFO, whom we are actively searching for. It is anticipated he will leave the organisation before the end of the 2014 underwriting year.
As soon as we are able to announce his replacement we will.
Date issued: 20 September 2013
Agency contact name: Peter Merrett
Agency contact no: + 44 (0)1277 206589
For auction office use only: D2013005
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