Subject: Withdrawal from first Auction
Syndicate(s) Affected: Syndicate 308
It has become apparent that an international term life contract written by Syndicate 308, through one of its coverholders, may have been bound in breach of relevant local licensing requirements.
Once discovered, Tokio Marine Kiln Syndicates Limited (TMKS) reported the issue to the relevant local regulators.
TMKS will continue to take responsibility to work with all parties (including Regulators) to resolve the situation. TMKS does not expect the issue or its resolution to have any material impact on the results of Syndicate 308.
Because the matter is still subject to regulatory process, TMKS cannot at this stage make a more detailed disclosure. As a result Lloyd’s have decided to withdraw Syndicate 308 from the 1st Capacity Auction.
Date issued: 28 October 2016
Agency contact name: Paul Culham
Agency contact no: + 44 (0) 207 886 9000
For auction office use only: D2016001
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