Subject: 2017 SBF – Inclusion of UK motor
Syndicate Affected: 4444
Earlier this year Canopius Managing Agents Limited (“CMAL”) wrote to all members of Syndicate 4444, either directly or through their representatives, explaining its intention to cease underwriting UK motor business at Lloyd’s with effect from 1 January 2017. This decision was reflected in the Syndicate Business Forecast (“SBF”) for the 2017 underwriting year of account, which was formally approved by Lloyd’s on 21 October 2016.
The circumstances which led to CMAL making this decision have now changed and, as a result, our current intention is to continue underwriting UK motor business at Lloyd’s.
CMAL are in the process of preparing a revised SBF for the 2017 underwriting year of account which will reflect the UK motor business. Our current view is this will represent gross written premiums (net of commissions) of £30m with a gross loss ratio of approximately 89%. These numbers are yet to be approved internally so may be subject to change. In relation to potential capital implications, CMAL believe this will be minimal and any change will be reflected as part of the mid-year Coming-into-Line exercise.
Please note that the proposed inclusion of UK motor business into the 2017 underwriting year of account of Syndicate 4444 is subject to the approval of Lloyd’s, consideration of which will not commence until the revised SBF has been submitted by CMAL.
Date issued: 28 October 2016
Agency contact name: Adam Timms
Agency contact no: + 44 (0) 20 7337 3768
For auction office use only: D2016003
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.