Managing Agent Name: Canopius Managing Agents Limited
Subject: Mandatory Offer
Syndicate Affected: 4444
Following the merger of Syndicate 958 and Syndicate 4444 for the 2016 underwriting year, Syndicate 4444 became an unaligned syndicate with Flectat Limited, a subsidiary of Sompo Canopius AG and an associate of Canopius Managing Agents Limited, having a right to participate on the 2016 and subsequent underwriting years with not less than 75% of the syndicate’s allocated capacity.
As a result of paying consideration to acquire additional capacity in the 2017 auctions, Flectat Limited is now required under the Mandatory Offer Byelaw to issue an invitation to acquire all of the unaligned prospective participations of Syndicate 4444 for the 2019 and each subsequent underwriting year. This invitation will be at a price of not less than 14.05p per £1 of capacity, relative to the total allocated capacity for the 2018 underwriting year.
It has not been determined if Flectat Limited will be seeking consent to waive the requirement to make this mandatory offer.
Date issued: 13 November 2017
Agency contact name: Adam Timms
Agency contact no: + 44 (0) 20 7337 3768
For auction office use only: D2017014
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