Managing Agent Name:   R&Q Managing Agency Limited (RQMA)

Subject:                             Auction One Disclosure

Syndicate(s) Affected:     Syndicate DTW 1991

RQMA announces that it has revised the Syndicate DTW 1991 final Syndicate Business Forecast submission for 2015 to a gross net premium of £119.4m (£142.8m for SBF 1).

This is to reflect the continued deterioration in market conditions, particularly in North America, with the focus remaining on maintaining underwriting standards and consolidating the business written in the opening years.

At Group level R&Q intends to maintain its current level of capital support at Lloyd’s across its syndicate interests through its corporate member. However, due to increased capital requirements on open years in the other syndicates, this may lead to a reduction in its retained participation in Syndicate 1991’s capacity for 2015. At this stage, the extent of its interest for next year is still under discussion.

Date issued: 24 September 2014

Contact Information

Agency contact name: Mr Philippe Sloan, Director of Underwriting
Agency contact no: + 44 (0) 20 7780 5998

For auction office use only: D2014003


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