Managing Agent Name: Jubilee Managing Agency Limited
Subject: Fourth Auction Disclosure
Syndicate Affected: 779
This statement has been prepared by Jubilee Managing Agency Limited (Jubilee) for the purpose of disclosing to existing and prospective underwriting members of Syndicate 779 (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.
The Syndicate has been included in the fourth auction as the 2014 SBF is still being considered by the Lloyd’s Capital Planning Group (CPG). The outstanding item under review is a group life scheme to which £2m of income is attributed in the SBF. The scheme in question has a long track record of producing profitable income to the Syndicate but has performed less well in the last couple of years. On-going dialogue with CPG relates to the suitability of the corrective action taken to return the account to profitability.
Lloyd’s has therefore advised that, given time pressures, the previously submitted SBF should stand (with a premium income of £21m) on the proviso that if CPG approval is not ultimately forthcoming the projected income would be revised to £20m.
Members should be aware of this position when considering whether to participate in trading in the Syndicate’s capacity in the Lloyd’s auctions.
Date issued: 8 November 2013
Agency contact name: Andrew Hall
Agency contact no: + 44 (0) 20 7280 6157
For auction office use only: D2013024
DISCLAIMER: Lloyd's is not responsible for the content of any auction disclosures, and acts merely as publisher of information provided by managing agents. If you have any questions regarding the content, you should contact the relevant managing agent.