Subject: Disclosures Auction Season 2014
Syndicate(s) Affected: s.779
This statement has been prepared by ANV Syndicates Limited (ASL) 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 2015 year of account (YOA).
Members are also referred to the Business Plan Narrative for the 2015 YOA, other SBF documents, and the Syndicate’s latest financial statements and quarterly returns, 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 ASL and/or the Syndicate which have taken place since the end of 2013.
Appointment of Active Underwriter
On 10 November 2014, Cathy Garner will join ASL as Head of Life and (subject to the necessary regulatory approvals) Active Underwriter of Syndicate 779. Ms Garner was previously Active Underwriter of Kiln Syndicate 308. Syndicate 779’s current Active Underwriter, Jon Clarke, will remain with the Syndicate on a full-time basis until at least 31 March 2015.
In May 2014 capital providers were informed that Peter Haynes would be stepping down as Managing Director of ASL to pursue a portfolio career of non-executive directorships, and that a permanent replacement for him would be announced in due course. As the notice periods for some preferred candidates for this role are up to twelve months, the ASL Board has subsequently decided to appoint R. Matthew Fairfield to the interim role of CEO of ASL, in addition to his responsibilities as ANV Group CEO. This change is effective 1 October 2014, subject to regulatory approval.
Prospective aligned capital participation
Should the opportunity arise, ANV Corporate Name Ltd has an appetite to participate on the syndicate.
Syndicate capacity & capital
The 2015 SBF submitted to Lloyd’s on 16 September 2014 is based on stamp capacity for the 2015 YOA remaining flat at £22 million. This leaves significant headroom relative to 2015 SBF stamp premium, in order to accommodate a greater volume of income than that assumed in the SBF should the opportunity arise and subject to agreement with Lloyd’s. The capital implications of this approach are not expected to be significant.
The following item, which is consistent with disclosures made in respect of the 2014 YOA, remains applicable for the 2015 YOA, and as such is provided for the sake of completeness.
Related parties transactions
ASL remains subject to a variation to its regulatory permission under which gross net premiums produced to an ASL Syndicate by subsidiaries of Ryan Specialty Group, LLC in a given YOA may not exceed 20% of that Syndicate’s stamp capacity in that YOA. ASL does not expect this restriction to affect its ability to deliver its Syndicates’ 2015 SBFs in any way.
Date issued: 26 September 2014
Agency contact name: Jamie Ingham Clark
Agency contact no: + 44 (0) 20 7280 6290
For auction office use only: D2014006
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.