Managing Agent Name: Jubilee Managing Agency Limited
Subject: Disclosures Auction Season 2013
Syndicate Affected: s.5820
This statement has been prepared by Jubilee Managing Agency Limited (Jubilee) for the purpose of disclosing to existing and prospective underwriting members of Syndicate 5820 (the Syndicate) information which may be of relevance to such members in considering their participation for the 2014 year of account (YOA).
Members are also referred to the Business Plan 2014 narrative, other SBF documents, the Syndicate’s latest financial statements and quarterly returns, and the Auction Disclosure of 20 September 2013, all of which have either been provided or are available to members (or their representatives as appropriate), and which include information on various changes affecting Jubilee and/or the Syndicate which have taken place since the end of 2012.
For the Syndicate's 2013 and 2014 YOAs, a limited tenancy agreement was put in place with Tower Group, Inc. This is structured for Tower Group to support a significant proportion of capacity for the 2014 YOA.
In the event of any drop in capacity from existing members of the Syndicate, the Syndicate has the following arrangements in place to support the 2014 SBF: (i) subject to syndicate due diligence and completion of the acquisition of Jubilee by ANV Syndicate Management Ltd (see Auction Disclosure of 20 September 2013), ANV Corporate Name Ltd is committed to provide funds at Lloyd's for the Syndicate up to an agreed limit; and (ii) Jubilee's aligned corporate members are committed to provide backstop funds at Lloyd's as necessary.
Syndicate Business Forecast and Solvency Capital Requirement
Jubilee has received informal feedback from Lloyd’s relating to the Syndicate’s SBF and SCR submitted in September 2013. At this point, the SBF and SCR have not been agreed and remain the subject of further discussion with Lloyd’s. This on-going discussion is not specific to those areas highlighted in the Auction Disclosure issued on 20 September 2013. Members should be aware of this uncertainty when considering whether to participate in trading in the Syndicate’s capacity in the Lloyd’s auctions.
Date issued: 14 October 2013
Agency contact name: Andrew Hall
Agency contact no: + 44 (0) 20 7220 8669
For auction office use only: D2013021
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