Managing Agent Name: Canopius Managing Agents Limited
Subject: Fourth Auction Disclosure
Syndicate(s) Affected: 0958
In accordance with Rule 4(3)(c)(i) of the Auction Rules 2014, Syndicate 958 (the “Syndicate”) will be entered into the fourth capacity auction, to be held on 11 and 12 November 2014, as “the indicative Individual Capital Assessment reflected in Lloyd’s Member Modelling software has increased by 10% or more between 16 September and 24 October 2014”.
The indicative ultimate Solvency Capital Requirement ("SCR") of the syndicate has been increased by £14.9m due to the following two factors:
To address the PRA market guidance issued in April 2014, Canopius enhanced its approach to assessing the risk margin subsequent to the July SCR submission. To ensure that Solvency II assessed assets at July and the September SCR stay aligned, an adjustment of £8.9m has been applied.
In order to allow for the approach to Periodic Payment Orders, an additional £6.0m has been included in the SCR. This amount may be reduced in due course, subject to Lloyd's agreement.
Date issued: 7 November 2014
Agency contact name: Bradley Cass
Agency contact no: + 44 (0)20 7337 3798
For auction office use only: D2014019
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.