Managing Agent Name: ERS Syndicate Management Limited
Subject: Strategic Review/2019 Syndicate Business Forecast
Syndicate(s) Affected: 218
TEXT: Aquiline Strategic Review
Lloyd’s and Members’ Agents have already been advised that its majority shareholder, Aquiline, has commenced a strategic review of its continuing investment in ERS. Subject to these notifications, the review is continuing. There is nothing further to add at this stage
2019 Syndicate Business Forecast
Following discussions with Lloyd’s, the forecast premium for 2019 has been capped at £370m, representing no growth in income for next year. In addition, the SCR for 2019 has been loaded by £17m, which increases the ECA by £23m. These changes to the plans for 2019 are due to Lloyd’s taking the following actions: Lloyd’s have disallowed the submitted negatively correlated market risk element of the SCR and have applied a loading as a result of managed syndicate 218 failing to meet its SBF loss ratios in the past few years.
Date issued: 22/10/2018
Agency contact name: Peter Merrett
Agency contact no: + 44 (0)203 824 5589
For auction office use only: D2018009
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