Managing Agent Name: R&Q Managing Agency Limited (RQMA)
Subject: Auction Four Disclosure
Syndicate(s) Affected: Syndicate DTW 1991
Following a recent change to the Lloyd’s Member Model explicitly to make allowance for the New Syndicate Load, the final ICA for syndicate 1991 has moved by approximately 23% compared with the Member Model output at the time of the first auction.
After review of the Syndicate Business Forecast and the Syndicate Capital Requirement by the Capital and Planning Group, RQMA has been required to resubmit the ICA to reflect a higher whole account loss ratio for the syndicate. That loss ratio does however represent a reduction against the provisional plan figure submitted in July.
The impact of this movement has been to increase the ICA by approximately 3%. However, the final ICA includes the obligatory New Syndicate Load, not previously included in the original ICA submission.
The inclusion of the New Syndicate Load has resulted in a movement in the ICA of greater than 10% and this will be reflected in updated Member Modeller outputs.
Date issued: 7th November 2014
Agency contact name: Philippe Sloan, Director of Underwriting
Agency contact no: + 44 (0) 20 7780 5998
For auction office use only: D2014017
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