Managing Agent Name: QBE Underwriting Limited [QUL]
Subject: 2014 Business Plan Update
Syndicate(s) Affected: 386
QUL notes the following changes that have been reflected in Syndicate 386’s final 2014 SBF submission to Lloyd’s:
• Confirmation of the appointment of David Harries as Active Underwriter
• A downgrade in the syndicate’s income projections for 2013 and subsequent impact on the 2014 year, resulting in a planned gross stamp income (net of commissions) of £354m for 2014, or 86% utilisation.
• The likelihood that the syndicate’s net retention will be increased from US$2m to US$10m for 2014. Detailed negotiations with reinsurers have yet to commence and alternative options remain under consideration, however this is considered the most realistic outcome and the basis on which the 2014 plans have been prepared.
Subject to the approval of QUL board, it is further proposed to change the syndicate’s investment strategy and increase the asset allocation to “risk assets” (eg fixed interest infrastructure loans, commercial property and equities) from nil to up to 15% of funds under management.
Date issued: 20th September 2013
Agency contact name: Robert Nias
Agency contact no: + 44 (0)207 1054071
For auction office use only: D2013008
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