1
© 2013 Cozen O’Connor Trusted Counsel to the London Insurance Market Phone: +44 (0)20 7864 2000 cozen.com Venesis has unique experience across the key service areas of the London Insurance Market. Adrian Giles +44 (0) 207 947 4063 [email protected] James Chalk +44 (0) 207 947 4064 [email protected] Managing Director Senior Consultant Venesis is a leading provider of Corporate Advisory & Enterprise Risk Management services to the insurance services industry. We combine strategic and analytical skills to deliver innovative and practical solutions for our clients in order to ensure that they meet their strategic goals. Core services include; - Enterprise Risk Management - Corporate Governance - Business Transformation - Technology Integration ALWAYS LOOKING UPWARDS www.rqih.com STRATEGY | INNOVATION | EXPERTISE With a team of over 350 insurance professionals based in the UK, US, Bermuda and Europe, Randall & Quilter (R&Q) is a specialist non-life insurance investor, At Allied World, we aren’t afraid to journey into new markets or explore new products. By working closely with clients to find innovative ways to balance risk with reward, we are pushing boundaries and challenging assumptions. Visit us at Box 331 & 335 or alliedworldinsurance.com Specialty solutions. Worldwide. Insurance Markets from S&P Capital IQ The data and research hub for insurance professionals Insurance Markets from S&P Capital IQ helps you monitor developments and perform more efficient analysis by providing you with access to insurance-specific global coverage, financial strength ratings, summarised financial data, sector specific news and commentary and the tools to combine all of these into a customised portfolio just for you. Visit www.spcapitaliq.com Email [email protected] Call +44 (0)20 7176 7176 The analyses, including ratings, of Standard & Poor’s and its affiliates are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or make any investment decisions. Users of ratings or other analyses should not rely on them in making any investment decision. Standard & Poor’s opinions and analyses do not address the suitability of any security. Standard & Poor’s does not act as a fiduciary or an investment advisor except where registered as such. Copyright © 2013 by Standard & Poor’s Financial Services LLC (S&P), a part of McGraw Hill Financial, Inc. All rights reserved. Capital IQ is a registered trademark of Capital IQ, Inc. S&P Capital IQ is a trademark of Standard & Poor’s Financial Services LLC. www.intelligentinsurer.com FOR ALL ENQUIRIES, PLEASE CONTACT: John Walsh Tel: +44 203 301 8206 Emails: [email protected] STANDARD & POOR’S Lloyd’s Syndicate Merger History (1994-2014) ARK SYNDICATE MANAGEMENT LTD 4020 Active underwriter: Nicholas Bonnar 6105 Active underwriter: Nicholas Bonnar ASCOT UNDERWRITING LTD 1414 Active underwriter: Andrew Brooks ASPEN MANAGING AGENCY LTD 4711 Active underwriter: ARGO MANAGING AGENCY LTD 1200 Active underwriters: Bruno Ritchie 3245 3200 BEAZLEY FURLONGE LTD 0623 Active underwriter: Neil Maidment 2623 Active underwriter: Neil Maidment 3622 Active underwriter: Neil Maidment 3623 Active underwriter: Neil Maidment 6107 Active underwriter: Neil Maidment MONTPELIER UNDERWRITING AGENCIES LTD 5151 Active underwriter: Michael Southgate MUNICH RE UNDERWRITING LTD Watkins 0457 Active underwriter: Dominick Hoare Oliver Crabtree NAVIGATORS UNDERWRITING AGENCY LTD 1221 0552 1023 Active underwriter: Richard Bardwell ARCH UNDERWRITING AT LLOYD’S LTD 2012 Active underwriter: David Hipkin AEGIS MANAGING AGENCY LTD 1225 Active underwriter: David Croom-Johnson ADVENT UNDERWRITING LTD 0780 Active underwriter: William Beveridge ALLIED WORLD MANAGING AGENCY LTD 2232 Active underwriter: Darren Powell ARGENTA SYNDICATE MANAGEMENT LTD 2121 Active underwriter: Ian Maguire ProSight 1110 Active underwriter: Philip Hancock 2323 1274 Active underwriter: Jonathan Battle ANTARES MANAGING AGENCY LTD AMLIN UNDERWRITING LTD 0920 0173 0172 1141 0902 0040 2001 Active underwriter: Simon Beale Brian Carpenter 0824 0820 0887 0028 0362 0913 0919 ACE UNDERWRITING AGENCIES LTD 2488 2322 0546 0322 0048 0545 0925 0998 0375 0483 0960 0490 2490 0732 0112 Active underwriter: Matthew Shaw 0047 0122 0484 0204 0219 0488 HARDY (UNDERWRITING AGENCIES) LTD 0382 Active underwriter: Patrick Gage 3820 HISCOX SYNDICATES LTD 0033 0052 0625 0624 Active underwriter: Paul Lawrence 6104 Active underwriter: Paul Lawrence 3624 Active underwriter: Richard Watson MANAGING AGENCY PARTNERS LTD 6103 Active underwriter: Richard Trubshaw 2791 Active underwriter: Richard Trubshaw HCC UNDERWRITING AGENCY LTD 4141 Active underwriter: Simon Button 4040 CHUBB MANAGING AGENT LTD 1882 Active underwriter: Kevin Docherty CATHEDRAL UNDERWRITING LTD 2010 Active underwriter: John Hamblin 3010 Active underwriter: John Hamblin BRIT SYNDICATES LTD 2987 Active underwriters: Matthew Wilson 2400 2040 0250 0800 1202 0735 0431 ERS SYNDICATE MANAGEMENT LTD 0218 Active underwriter: Mark Bacon 0866 0963 0979 0260 Active underwriter: Neil Manvell 6115 Active underwriter: Mike Duffy Stephen Gargrave CANOPIUS MANAGING AGENTS LTD 4444 Active underwriter: Mike Duffy Stephen Gargrave Paul Dilley 2607 0962 2962 1607 2750 3786 NEWLINE UNDERWRITING MANAGEMENT LTD 1218 Active underwriters: Philip Foley PEMBROKE MANAGING AGENCY LTD 4000 Active underwriter: Timothy Glover Acappella 2014 Active underwriter: David Bruce RENAISSANCE RE SYNDICATE MANAGEMENT LTD 1458 Active underwriter: Ross Curtis R&Q MANAGING AGENCY LTD DTW 1991 Active underwriter: Daniel Wright R J KILN & CO LTD 0308 0510 0603 0955 0123 0557 Active underwriter: Catharine Garner Active underwriter: Paul Culham Timothy Prifti Mark Mortlock David Huckstepp Paul MacMillan Active underwriter: David Huckstepp 1880 Active underwriter: Lloyd Tunnicliffe Satoshi Naganuma QBE UNDERWRITING LTD 0386 2999 1036 0980 0045 0456 2724 0566 0079 Active underwriter: David Harries Active underwriters: Colin O’Farrell Jonathan Parry Ashis Bathia 1223 1156 0877 0561 0724 1215 SIRIUS INTERNATIONAL MANAGING AGENCY LTD 1945 Active underwriter: Robert Harman STARR MANAGING AGENTS LTD CVS 1919 Active underwriter: Christopher Hancock W.R. BERKLEY SYNDICATE MANAGEMENT LTD 1967 Active underwriter: Alastair Blades SPORTSCOVER UNDERWRITING LTD 3334 Active underwriters: Murray Anderson TALBOT UNDERWRITING LTD 1183 Active underwriter: James Skinner 2376 XL LONDON MARKET LTD 1209 Active underwriter: Neil Robertson 0990 1157 TRAVELERS SYNDICATE MANAGEMENT LTD 0183 5000 Active underwriter: Stephen Eccles 1211 1191 0227 2227 0582 0314 3002 Active underwriter: Nigel Guillaume-Smith GIC 6119 Active underwriter: Nicolas Burkinshaw CATLIN UNDERWRITING AGENCIES LTD 2003 Active underwriter: Nicolas Burkinshaw Everest Re 6112 Active underwriter: Nicolas Burkinshaw 6111 Active underwriter: Nicolas Burkinshaw Catlin-China Re 2088 Active underwriter: Nicolas Burkinshaw 1003 0179 2600 1095 0439 0051 2020 1251 1028 3030 1250 0097 0672 1184 CHAUCER SYNDICATES LTD Nuclear 1176 1084 1096 1245 1224 1229 0396 Active underwriter: Michael Dawson Active underwriter: John Fowle 1204 0587 2002 FARADAY UNDERWRITING LTD 0435 Active underwriters: Mark Rayner Paul Ceurvorst 2253 0253 MARKEL SYNDICATE MANAGEMENT LTD 3000 Active underwriter: Jeremy Brazil 0554 0959 1228 0702 1009 1239 0329 1227 0588 0861 MITSUI SUMITOMO INSURANCE UNDERWRITING AT LLOYD’S LTD 3210 Active underwriter: Peter McDermott Graeme Rayner NOVAE SYNDICATES LTD 2007 Active underwriters: Ian Burford Robert Forster 1415 2147 1007 1241 1212 1234 0575 0584 LIBERTY SYNDICATE MANAGEMENT LTD 4472 0282 0573 0512 1088 0234 0808 1093 0190 Active underwriter: Matthew Moore MARKETFORM MANAGING AGENCY LTD 2468 Active underwriter: Simon Lotter 3579 ATRIUM UNDERWRITERS LTD 0609 Active underwriter: Richard Harries 0570 ASTA MANAGING AGENCY LTD Ariel 6117 Active underwriter: Andrew Milligan D L Dale & Ors 2525 Active underwriter: David Dale Andy Dore & Ors 2526 Active underwriter: Dominic Frost Active underwriter: Adam Beatty Active underwriter: Darren Lednor Skuld 1897 ICAT 4242 Active underwriter: Megan McConnell 1301 Active underwriter: Neil Attwood TORUS UNDERWRITING MANAGEMENT LTD ANV SYNDICATE MANAGEMENT LTD 1861 Active underwriter: Richard Housley Apollo 1969 Active underwriter: Nicholas Jones 779 Active underwriter: Jon Clarke 5820 Active underwriter: Christopher Biles 0065 0062 0892 0350 1317 0744 1265 1242 THE CHANNEL MANAGING AGENCY LTD 2015 Active underwriter: Thomas Corfield BEAUFORT UNDERWRITING AGENCY LTD 0318 Active underwriter: Derek Eales Dale U/W Partners 1729 Active underwriter: Duncan Dale Axis 1686 Active underwriter: Alistair Robson 0958 Active underwriter: Paul Dilley Mike Duffy 0529 Active underwriter: Michael Bennett Nephila 2357 0718 0240 AMTRUST AT LLOYD’S LTD 1206 Active underwriter: Andreas Loucaides 0044 Active underwriter: Martin Herrick Ariel 1910 Active underwriter: Andrew Milligan BARBICAN MANAGING AGENCY LTD 1955 Active underwriter: David Booth 6118 Active underwriter: David Booth 6113 Active underwriter: James Winn 0138 1210 S A MEACOCK & CO LTD 0727 Active underwriter: Michael Meacock Managing Agent Trading Syndicate Interactively Assessed Syndicate Ceased Syndicate Corporate Member Guarantee COLOUR CODING: FINAL UNDERWRITING YEAR 1994 2002 1995 2003 1996 2004 1997 2005 1998 2006 1999 Partly 1999 2007 2000 2009 2001 2010 2011 Partly 2001 KEY SYND. CURRENT AGENT NAME 0028 Amlin Underwriting Ltd 0033 Hiscox Syndicates Ltd 0040 Amlin Underwriting Ltd 0044 AmTrust at Lloyd’s Ltd 0045 QBE Underwriting Ltd 0047 ACE Underwriting Agencies Ltd 0048 ACE Underwriting Agencies Ltd 0051 Catlin Underwriting Agencies Ltd 0052 Hiscox Syndicates Ltd 0062 ANV Syndicate Management Ltd 0065 ANV Syndicate Management Ltd 0079 QBE Underwriting Ltd 0097 Catlin Underwriting Agencies Ltd 0112 ACE Underwriting Agencies Ltd 0122 ACE Underwriting Agencies Ltd 0123 R.J. Kiln & Co. Ltd 0138 S A Meacock & Company Ltd 0172 Amlin Underwriting Ltd 0173 Amlin Underwriting Ltd 0179 Catlin Underwriting Agencies Ltd 0183 Travelers Syndicate Management Ltd 0190 Liberty Syndicate Management Ltd 0204 ACE Underwriting Agencies Ltd 0218 ERS Syndicate Management Ltd 0219 ACE Underwriting Agencies Ltd 0227 Travelers Syndicate Management Ltd 0234 Liberty Syndicate Management Ltd 0240 AmTrust at Lloyd’s Ltd 0250 Brit Syndicates Ltd 0260 Canopius Managing Agents Ltd 0282 Liberty Syndicate Management Ltd 0308 R J Kiln & Co. Ltd 0314 Travelers Syndicate Management Ltd 0318 Beaufort Underwriting Agency Ltd 0322 ACE Underwriting Agencies Ltd 0329 Markel Syndicate Management Ltd 0350 ANV Syndicate Management Ltd 0362 Amlin Underwriting Ltd 0375 ACE Underwriting Agencies Ltd 0382 Hardy (Underwriting Agencies) Ltd 0386 QBE Underwriting Ltd 0396 Chaucer Syndicates Ltd 0431 Brit Syndicates Ltd 0435 Faraday Underwriting Ltd 0439 Catlin Underwriting Agencies Ltd 0456 QBE Underwriting Ltd 0457 Munich Re Underwriting Ltd 0483 ACE Underwriting Agencies Ltd 0484 ACE Underwriting Agencies Ltd 0488 ACE Underwriting Agencies Ltd 0490 ACE Underwriting Agencies Ltd 0510 R.J. Kiln & Co. Ltd 0512 Liberty Syndicate Management Ltd 0529 Canopius Managing Agents Ltd 0545 ACE Underwriting Agencies Ltd 0546 ACE Underwriting Agencies Ltd 0552 Navigators Underwriting Agency Ltd 0554 Markel Syndicate Management Ltd 0557 R.J. Kiln & Co. Ltd 0561 QBE Underwriting Ltd 0566 QBE Underwriting Ltd 0570 Atrium Underwriters Ltd 0573 Liberty Syndicate Management Ltd 0575 Novae Syndicates Ltd 0582 Travelers Syndicate Management Ltd 0584 Novae Syndicates Ltd 0587 Chaucer Syndicates Ltd 0603 R.J. Kiln & Co. Ltd 0609 Atrium Underwriters Ltd 0623 Beazley Furlonge Ltd 0624 Hiscox Syndicates Ltd 0625 Hiscox Syndicates Ltd 0672 Catlin Underwriting Agencies Ltd 0702 Markel Syndicate Management Ltd 0718 AmTrust at Lloyd’s Ltd 0724 QBE Underwriting Ltd 0727 S A Meacock & Company Ltd 0732 ACE Underwriting Agencies Ltd 0735 Brit Syndicates Ltd 0744 ANV Syndicate Management Ltd 0779 ANV Syndicate Management Ltd 0780 Advent Underwriting Ltd SYND. CURRENT AGENT NAME 0800 Brit Syndicates Ltd 0808 Liberty Syndicate Management Ltd 0820 Amlin Underwriting Ltd 0824 Amlin Underwriting Ltd 0866 ERS Syndicate Management Ltd 0877 QBE Underwriting Ltd 0887 Amlin Underwriting Ltd 0892 ANV Syndicate Management Ltd 0902 Amlin Underwriting Ltd 0913 Amlin Underwriting Ltd 0919 Amlin Underwriting Ltd 0920 Amlin Underwriting Ltd 0925 ACE Underwriting Agencies Ltd 0955 R.J. Kiln & Co. Ltd 0958 Canopius Managing Agents Ltd 0959 Markel Syndicate Management Ltd 0960 ACE Underwriting Agencies Ltd 0962 Canopius Managing Agents Ltd 0963 ERS Syndicate Management Ltd 0979 ERS Syndicate Management Ltd 0980 QBE Underwriting Ltd 0990 XL London Market Ltd 0998 ACE Underwriting Agencies Ltd 1003 Catlin Underwriting Agencies Ltd 1007 Novae Syndicates Ltd 1009 Markel Syndicate Management Ltd 1023 Navigators Underwriting Agency Ltd 1028 Catlin Underwriting Agencies Ltd 1036 QBE Underwriting Ltd 1084 Chaucer Chaucer Syndicates 1088 Liberty Syndicate Management Ltd 1093 Liberty Syndicate Management Ltd 1095 Catlin Underwriting Agencies Ltd 1096 Chaucer Syndicates Ltd 1110 Argenta Syndicate Management Ltd 1141 Amlin Underwriting Ltd 1156 QBE Underwriting Ltd 1157 XL London Market Ltd 1176 Chaucer Syndicates Ltd 1183 Talbot Underwriting Ltd 1184 Catlin Underwriting Agencies Ltd 1191 Travelers Syndicate Management Ltd 1200 Argo Managing Agency Ltd 1202 Brit Syndicates Ltd 1204 Chaucer Syndicates Ltd 1206 AmTrust at Lloyd’s Ltd 1209 XL London Market Ltd 1210 S A Meacock & Company Ltd 1211 Travelers Syndicate Management Ltd 1212 Novae Syndicates Ltd 1215 QBE Underwriting Ltd 1218 Newline Underwriting Management Ltd 1221 Navigators Underwriting Agency Ltd 1223 QBE Underwriting Ltd 1224 Chaucer Syndicates Ltd 1225 Aegis Managing Agency Ltd 1227 Markel Syndicate Management Ltd 1228 Markel Syndicate Management Ltd 1229 Chaucer Syndicates Ltd 1231 ANV Syndicate Management Ltd 1234 Novae Syndicates Ltd 1239 Markel Syndicate Management Ltd 1241 Novae Syndicates Ltd 1242 ANV Syndicate Management Ltd 1245 Chaucer Syndicates Ltd 1250 Catlin Underwriting Agencies Ltd 1251 Catlin Underwriting Agencies Ltd 1265 ANV Syndicate Management Ltd 1274 Antares Managing Agency Ltd 1301 Torus Underwriting Management Ltd 1317 ANV Syndicate Management Ltd 1414 Ascot Underwriting Ltd 1415 Novae Syndicates Ltd 1458 Renaissance Re Syndicate Management Ltd 1607 Canopius Managing Agents Ltd 1686 Asta Managing Agency Ltd 1729 Asta Managing Agency Ltd 1861 ANV Syndicate Management Ltd 1880 R.J. Kiln & Co. Ltd 1882 Chubb Managing Agent Ltd 1897 Asta Managing Agency Ltd 1910 Asta Managing Agency Ltd SYND. CURRENT AGENT NAME 1919 Starr Managing Agents Ltd 1923 Alterra at Lloyd’s Ltd 1945 Asta Managing Agency Ltd 1955 Barbican Managing Agency Ltd 1967 W.R. Berkley Syndicate Management Ltd 1969 ANV Syndicate Management Ltd 1991 R&Q Managing Agency Ltd 2001 Amlin Underwriting Ltd 2002 Faraday Underwriting Ltd 2003 Catlin Underwriting Agencies Ltd 2007 Novae Syndicates Ltd 2010 Cathedral Underwriting Ltd 2012 Arch Underwriting at Lloyd’s Ltd 2014 Pembroke Managing Agency Ltd 2015 The Channel Managing Agency Ltd 2020 Catlin Underwriting Agencies Ltd 2040 Brit Syndicates Ltd 2088 Catlin Underwriting Agences Ltd 2121 Argenta Syndicate Management Ltd 2147 Novae Syndicates Ltd 2227 Travelers Syndicate Management Ltd 2232 Allied World Managing Agency Ltd 2322 ACE Underwriting Agencies Ltd 2323 Argenta Syndicate Management Ltd 2357 Asta Managing Agency Ltd 2376 Talbot Underwriting Ltd 2400 Brit Syndicates Ltd 2468 Marketform Managing Agency Ltd 2488 ACE Underwriting Agencies Ltd 2490 ACE Underwriting Agencies Ltd 2525 Asta Managing Agency Ltd 2526 Asta Managing Agency Ltd 2600 Catlin Underwriting Agencies Ltd 2607 Canopius Managing Agents Ltd 2623 Beazley Furlonge Ltd 2724 QBE Underwriting Ltd 2750 Canopius Managing Agents Ltd 2791 Managing Agency Partners Ltd 2800 Alterra at Lloyd’s Ltd 2962 Canopius Managing Agents Ltd 2987 Brit Syndicates Ltd 2999 QBE Underwriting Ltd 3000 Markel Syndicate Management Ltd 3002 Catlin Underwriting Agencies Ltd 3010 Cathedral Underwriting Ltd 3030 Catlin Underwriting Agencies Ltd 3200 Argo Managing Agency Ltd 3210 Mitsui Sumitomo Insurance Underwriting at Lloyd’s Ltd 3245 Argo Managing Agency Ltd 3334 Sportscover Underwriting Ltd 3579 Marketform Managing Agency Ltd 3622 Beazley Furlonge Ltd 3623 Beazley Furlonge Ltd 3624 Hiscox Syndicates Ltd 3786 Canopius Managing Agents Ltd 3820 Hardy (Underwriting Agencies) Ltd 4000 Pembroke Managing Agency Ltd 4020 Ark Syndicate Management Ltd 4040 HCC Underwriting Agency Ltd 4141 HCC Underwriting Agency Ltd 4242 Asta Managing Agency Ltd 4444 Canopius Managing Agents Ltd 4472 Liberty Syndicate Management Ltd 4711 Aspen Managing Agency Ltd 5000 Travelers Syndicate Management Ltd 5151 Montpelier Underwriting Agencies Ltd 5820 ANV Syndicate Management Ltd 6103 Managing Agency Partners Ltd 6104 Hiscox Syndicates Ltd 6105 Ark Syndicate Management Ltd 6107 Beazley Furlonge Ltd 6111 Catlin Underwriting Agences Ltd 6112 Catlin Underwriting Agences Ltd 6113 Barbican Managing Agency Ltd 6115 Canopius Managing Agents Ltd 6117 Asta Managing Agency Ltd 6118 Barbicam Managing Agency Ltd 6119 Catlin Underwriting Agencies Ltd MANAGING AGENTS MANAGING SYNDICATES IN RUN-OFF Current Managing agency name Current RITC Syndicate Syndicates reinsured to close into Admiral Group plc NA 2004 Centrewrite 6996 0332,0349, 1052, 1171,1204, 2171 Chaucer Syndicates Ltd 1084 4000, 4455 Highway Insurance Company NA 0037, 0293, 0330, 2037 R&Q Managing Agency Ltd 3330 0002, 0102, 0500, 0590, 0658, 0734, 0765, 1027, 1179, 1208, 1485, 2021, 2659 Vibe Syndicate Management Ltd 5678 0896, 0923, 0947, 0952, 0957, 0994, 1047, 1069, 1101, 1173, 1222, 1688, 1900, 2241, 2923, 2947 Riverstone Managing Agency Ltd 3500 0271, 0376, 0506, 1019, 1038, 2112, 2376, 2506 Shelbourne Syndicate Services Ltd 2008 0053, 0055, 0190, 0205, 0228, 0529, 0536, 0861, 0991, 1087, 1121, 1231, 1236, 1243, 1308, 1999, 5500, 6101, 6102 ORPHAN YEARS OF ACCOUNT CLOSED STATUS AT Q1 2014 SYND. YEAR MANAGING AGENT 1965 2009 Argenta Syndicate Management Limited 1965 2010 Argenta Syndicate Management Limited 1965 2011 Argenta Syndicate Management Limited 2468 2007 Marketform Managing Agency Ltd 5820 2010 Jubilee Managing Agency Limited 5820 2011 Jubilee Managing Agency Limited

KEY COLOUR CODING: FINAL UNDERWRITING YEAR Specialty ... · Colin O’Farrell Jonathan Parry Ashis Bathia 1156 1223 0561 1215 0724 0877 SIRIUS INTERNATIONAL MANAGING AGENCY LTD 1945

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© 2013 Cozen O’Connor

Trusted Counsel to the London Insurance MarketPhone: +44 (0)20 7864 2000

cozen.com

Venesis has unique experience across the key service areas of the London Insurance Market.

Adrian Giles +44 (0) 207 947 4063

[email protected]

James Chalk +44 (0) 207 947 4064 [email protected]

Managing Director

Senior Consultant

Venesis is a leading provider of Corporate Advisory & Enterprise Risk Management services to the insurance services industry.

We combine strategic and analytical skills to deliver innovative and practical solutions for our clients in order to ensure that they meet their strategic goals.

Core services include; - Enterprise Risk Management - Corporate Governance - Business Transformation - Technology Integration

ALWAYS LOOKING UPWARDS

www.rqih.com STRATEGY | INNOVATION | EXPERTISE

With a team of over 350 insurance professionals based in the UK, US, Bermuda and Europe,

Randall & Quilter (R&Q) is a specialist non-life insurance investor,

At Allied World, we aren’t afraid to journey into new

markets or explore new products. By working closely

with clients to find innovative ways to balance

risk with reward, we are pushing boundaries and

challenging assumptions.

Visit us at Box 331 & 335 or alliedworldinsurance.com

Specialty solutions. Worldwide.

Insurance Markets from S&P Capital IQThe data and research hub for insurance professionals

Insurance Markets from S&P Capital IQ helps you monitor developments and perform more efficient analysis by providing you with access to insurance-specific global coverage, financial strength ratings, summarised financial data, sector specific news and commentary and the tools to combine all of these into a customised portfolio just for you.

Visitwww.spcapitaliq.com

[email protected]

Call +44 (0)20 7176 7176

The analyses, including ratings, of Standard & Poor’s and its affiliates are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or make any investment decisions. Users of ratings or other analyses should not rely on them in making any investment decision. Standard & Poor’s opinions and analyses do not address the suitability of any security. Standard & Poor’s does not act as a fiduciary or an investment advisor except where registered as such. Copyright © 2013 by Standard & Poor’s Financial Services LLC (S&P), a part of McGraw Hill Financial, Inc. All rights reserved. Capital IQ is a registered trademark of Capital IQ, Inc. S&P Capital IQ is a trademark of Standard & Poor’s Financial Services LLC.

www.intelligentinsurer.com

FOR ALL ENQUIRIES, PLEASE CONTACT:John Walsh

Tel: +44 203 301 8206Emails: [email protected]

STANDARD & POOR’S Lloyd’s Syndicate Merger History (1994-2014)

ARK SYNDICATEMANAGEMENT LTD

4020

Active underwriter:Nicholas Bonnar

6105

Active underwriter:Nicholas Bonnar

ASCOT UNDERWRITING LTD

1414

Active underwriter:Andrew Brooks

ASPEN MANAGING AGENCY LTD

4711

Active underwriter:

ARGO MANAGING AGENCY LTD

1200

Active underwriters:Bruno Ritchie

32453200

BEAZLEY FURLONGE LTD

0623

Active underwriter:Neil Maidment

2623

Active underwriter:Neil Maidment

3622

Active underwriter:Neil Maidment

3623

Active underwriter:Neil Maidment

6107

Active underwriter:Neil Maidment

MONTPELIER UNDERWRITINGAGENCIES LTD

5151

Active underwriter:Michael Southgate

MUNICH RE UNDERWRITING LTD

Watkins0457

Active underwriter:Dominick Hoare Oliver Crabtree

NAVIGATORS UNDERWRITINGAGENCY LTD

1221

0552 1023

Active underwriter:Richard Bardwell

ARCH UNDERWRITINGAT LLOYD’S LTD

2012

Active underwriter:David Hipkin

AEGIS MANAGING AGENCY LTD

1225

Active underwriter:David Croom-Johnson

ADVENTUNDERWRITING LTD

0780

Active underwriter:William Beveridge

ALLIED WORLDMANAGING AGENCY LTD

2232

Active underwriter:Darren Powell

ARGENTA SYNDICATE MANAGEMENT LTD

2121

Active underwriter:Ian Maguire

ProSight1110

Active underwriter:Philip Hancock 2323

1274

Active underwriter:Jonathan Battle

ANTARES MANAGING AGENCY LTD

AMLIN UNDERWRITING LTD

0920

0173

0172

1141

0902

0040

2001

Active underwriter:Simon Beale

Brian Carpenter

0824 082008870028

0362

0913

0919

ACE UNDERWRITING AGENCIES LTD

2488

23220546 0322

0048 0545 0925 0998

0375 0483

0960

0490

249007320112

Active underwriter:Matthew Shaw

0047012204840204

0219

0488

HARDY (UNDERWRITINGAGENCIES) LTD

0382

Active underwriter:Patrick Gage

3820

HISCOXSYNDICATES LTD

0033

0052 06250624

Active underwriter:Paul Lawrence

6104

Active underwriter:Paul Lawrence

3624

Active underwriter:Richard Watson

MANAGING AGENCYPARTNERS LTD

6103

Active underwriter:Richard Trubshaw

2791

Active underwriter:Richard Trubshaw

HCC UNDERWRITINGAGENCY LTD

4141

Active underwriter:Simon Button

4040

CHUBB MANAGING AGENT LTD

1882

Active underwriter:Kevin Docherty

CATHEDRALUNDERWRITING LTD

2010

Active underwriter:John Hamblin

3010

Active underwriter:John Hamblin

BRITSYNDICATES LTD

2987

Active underwriters:Matthew Wilson

2400 20400250

0800 12020735

0431

ERS SYNDICATE MANAGEMENT LTD

0218

Active underwriter:Mark Bacon

08660963 0979

0260

Active underwriter:Neil Manvell

6115

Active underwriter:Mike Duffy

Stephen Gargrave

CANOPIUS MANAGINGAGENTS LTD

4444

Active underwriter:Mike Duffy

Stephen GargravePaul Dilley

2607 09622962

1607 27503786

NEWLINE UNDERWRITINGMANAGEMENT LTD

1218

Active underwriters:Philip Foley

PEMBROKE MANAGINGAGENCY LTD

4000

Active underwriter:Timothy Glover

Acappella2014

Active underwriter:David Bruce

RENAISSANCE RE SYNDICATE MANAGEMENT LTD

1458

Active underwriter:Ross Curtis

R&Q MANAGINGAGENCY LTD

DTW 1991

Active underwriter:Daniel Wright

R J KILN & CO LTD

0308

0510

0603 09550123

0557

Active underwriter:Catharine Garner

Active underwriter:Paul CulhamTimothy Prifti

Mark Mortlock David HucksteppPaul MacMillan

Active underwriter:David Huckstepp

1880

Active underwriter:Lloyd Tunnicliffe

Satoshi Naganuma

QBE UNDERWRITING LTD

0386 2999

1036

09800045

0456

27240566 0079

Active underwriter:David Harries

Active underwriters:Colin O’FarrellJonathan ParryAshis Bathia

12231156

08770561 07241215

SIRIUS INTERNATIONALMANAGING AGENCY LTD

1945

Active underwriter:Robert Harman

STARR MANAGING AGENTS LTD

CVS 1919

Active underwriter:Christopher Hancock

W.R. BERKLEY SYNDICATEMANAGEMENT LTD

1967

Active underwriter:Alastair Blades

SPORTSCOVER UNDERWRITING LTD

3334

Active underwriters:Murray Anderson

TALBOT UNDERWRITING LTD

1183

Active underwriter:James Skinner

2376

XL LONDON MARKET LTD

1209

Active underwriter:Neil Robertson

0990

1157

TRAVELERS SYNDICATE MANAGEMENT LTD

0183

5000

Active underwriter:Stephen Eccles

1211

1191

0227

2227

0582

0314

3002

Active underwriter:Nigel Guillaume-Smith

GIC6119

Active underwriter:Nicolas Burkinshaw

CATLIN UNDERWRITINGAGENCIES LTD

2003

Active underwriter:Nicolas Burkinshaw

Everest Re 6112

Active underwriter:Nicolas Burkinshaw

6111

Active underwriter:Nicolas Burkinshaw

Catlin-China Re2088

Active underwriter:Nicolas Burkinshaw

1003 01792600

10950439

0051

2020

1251

1028

3030

1250 0097

0672

1184

CHAUCER SYNDICATES LTD

Nuclear1176 1084

10961245 1224

12290396

Active underwriter:Michael Dawson

Active underwriter:John Fowle

12040587

2002

FARADAYUNDERWRITING LTD

0435

Active underwriters:Mark Rayner

Paul Ceurvorst

22530253

MARKEL SYNDICATEMANAGEMENT LTD

3000

Active underwriter:Jeremy Brazil

0554 0959

1228 0702 1009 1239

0329 1227

0588

0861

MITSUI SUMITOMO INSURANCEUNDERWRITING AT LLOYD’S LTD

3210

Active underwriter:Peter McDermottGraeme Rayner

NOVAE SYNDICATES LTD

2007

Active underwriters:Ian Burford

Robert Forster

1415

2147 100712411212

12340575 0584

LIBERTY SYNDICATE MANAGEMENT LTD

4472

0282

05730512 1088

0234

0808

1093

0190

Active underwriter:Matthew Moore

MARKETFORM MANAGING AGENCY LTD

2468

Active underwriter:Simon Lotter

3579

ATRIUM UNDERWRITERS LTD

0609

Active underwriter:Richard Harries 0570

ASTA MANAGINGAGENCY LTD

Ariel6117

Active underwriter:Andrew Milligan

D L Dale & Ors 2525

Active underwriter:David Dale

Andy Dore & Ors 2526

Active underwriter:Dominic Frost

Active underwriter:Adam Beatty

Active underwriter:Darren Lednor

Skuld1897

ICAT 4242

Active underwriter:Megan McConnell

1301

Active underwriter:Neil Attwood

TORUS UNDERWRITINGMANAGEMENT LTD

ANV SYNDICATE MANAGEMENT LTD

1861

Active underwriter:Richard Housley

Apollo1969

Active underwriter:Nicholas Jones

779

Active underwriter:Jon Clarke

5820

Active underwriter:Christopher Biles

0065

0062 0892

0350

1317

0744 1265

1242

THE CHANNEL MANAGINGAGENCY LTD

2015

Active underwriter:Thomas Corfield

BEAUFORT UNDERWRITING AGENCY LTD

0318

Active underwriter:Derek Eales

Dale U/W Partners1729

Active underwriter:Duncan Dale

Axis1686

Active underwriter:Alistair Robson

0958

Active underwriter:Paul DilleyMike Duffy

0529

Active underwriter:Michael Bennett

Nephila2357

0718 0240

AMTRUST AT LLOYD’S LTD

1206

Active underwriter:Andreas Loucaides

0044

Active underwriter:Martin Herrick

Ariel1910

Active underwriter:Andrew Milligan

BARBICAN MANAGINGAGENCY LTD

1955

Active underwriter:David Booth

6118

Active underwriter:David Booth

6113

Active underwriter:James Winn

0138 1210

S A MEACOCK & CO LTD

0727

Active underwriter:Michael Meacock

Managing Agent

Trading Syndicate

Interactively Assessed Syndicate

Ceased Syndicate

Corporate Member Guarantee

COLOUR CODING: FINAL UNDERWRITING YEAR

1994 2002

1995 2003

1996 2004

1997 2005

1998 2006

1999Partly1999

2007

2000

2009

2001

2010

2011Partly2001

KEY

SYND. CURRENT AGENT NAME

0028 Amlin Underwriting Ltd

0033 Hiscox Syndicates Ltd

0040 Amlin Underwriting Ltd

0044 AmTrust at Lloyd’s Ltd

0045 QBE Underwriting Ltd

0047 ACE Underwriting Agencies Ltd

0048 ACE Underwriting Agencies Ltd

0051 Catlin Underwriting Agencies Ltd

0052 Hiscox Syndicates Ltd

0062 ANV Syndicate Management Ltd

0065 ANV Syndicate Management Ltd

0079 QBE Underwriting Ltd

0097 Catlin Underwriting Agencies Ltd

0112 ACE Underwriting Agencies Ltd

0122 ACE Underwriting Agencies Ltd

0123 R.J. Kiln & Co. Ltd

0138 S A Meacock & Company Ltd

0172 Amlin Underwriting Ltd

0173 Amlin Underwriting Ltd

0179 Catlin Underwriting Agencies Ltd

0183 Travelers Syndicate Management Ltd

0190 Liberty Syndicate Management Ltd

0204 ACE Underwriting Agencies Ltd

0218 ERS Syndicate Management Ltd

0219 ACE Underwriting Agencies Ltd

0227 Travelers Syndicate Management Ltd

0234 Liberty Syndicate Management Ltd

0240 AmTrust at Lloyd’s Ltd

0250 Brit Syndicates Ltd

0260 Canopius Managing Agents Ltd

0282 Liberty Syndicate Management Ltd

0308 R J Kiln & Co. Ltd

0314 Travelers Syndicate Management Ltd

0318 Beaufort Underwriting Agency Ltd

0322 ACE Underwriting Agencies Ltd

0329 Markel Syndicate Management Ltd

0350 ANV Syndicate Management Ltd

0362 Amlin Underwriting Ltd

0375 ACE Underwriting Agencies Ltd

0382 Hardy (Underwriting Agencies) Ltd

0386 QBE Underwriting Ltd

0396 Chaucer Syndicates Ltd

0431 Brit Syndicates Ltd

0435 Faraday Underwriting Ltd

0439 Catlin Underwriting Agencies Ltd

0456 QBE Underwriting Ltd

0457 Munich Re Underwriting Ltd

0483 ACE Underwriting Agencies Ltd

0484 ACE Underwriting Agencies Ltd

0488 ACE Underwriting Agencies Ltd

0490 ACE Underwriting Agencies Ltd

0510 R.J. Kiln & Co. Ltd

0512 Liberty Syndicate Management Ltd

0529 Canopius Managing Agents Ltd

0545 ACE Underwriting Agencies Ltd

0546 ACE Underwriting Agencies Ltd

0552 Navigators Underwriting Agency Ltd

0554 Markel Syndicate Management Ltd

0557 R.J. Kiln & Co. Ltd

0561 QBE Underwriting Ltd

0566 QBE Underwriting Ltd

0570 Atrium Underwriters Ltd

0573 Liberty Syndicate Management Ltd

0575 Novae Syndicates Ltd

0582 Travelers Syndicate Management Ltd

0584 Novae Syndicates Ltd

0587 Chaucer Syndicates Ltd

0603 R.J. Kiln & Co. Ltd

0609 Atrium Underwriters Ltd

0623 Beazley Furlonge Ltd

0624 Hiscox Syndicates Ltd

0625 Hiscox Syndicates Ltd

0672 Catlin Underwriting Agencies Ltd

0702 Markel Syndicate Management Ltd

0718 AmTrust at Lloyd’s Ltd

0724 QBE Underwriting Ltd

0727 S A Meacock & Company Ltd

0732 ACE Underwriting Agencies Ltd

0735 Brit Syndicates Ltd

0744 ANV Syndicate Management Ltd

0779 ANV Syndicate Management Ltd

0780 Advent Underwriting Ltd

SYND. CURRENT AGENT NAME

0800 Brit Syndicates Ltd

0808 Liberty Syndicate Management Ltd

0820 Amlin Underwriting Ltd

0824 Amlin Underwriting Ltd

0866 ERS Syndicate Management Ltd

0877 QBE Underwriting Ltd

0887 Amlin Underwriting Ltd

0892 ANV Syndicate Management Ltd

0902 Amlin Underwriting Ltd

0913 Amlin Underwriting Ltd

0919 Amlin Underwriting Ltd

0920 Amlin Underwriting Ltd

0925 ACE Underwriting Agencies Ltd

0955 R.J. Kiln & Co. Ltd

0958 Canopius Managing Agents Ltd

0959 Markel Syndicate Management Ltd

0960 ACE Underwriting Agencies Ltd

0962 Canopius Managing Agents Ltd

0963 ERS Syndicate Management Ltd

0979 ERS Syndicate Management Ltd

0980 QBE Underwriting Ltd

0990 XL London Market Ltd

0998 ACE Underwriting Agencies Ltd

1003 Catlin Underwriting Agencies Ltd

1007 Novae Syndicates Ltd

1009 Markel Syndicate Management Ltd

1023 Navigators Underwriting Agency Ltd

1028 Catlin Underwriting Agencies Ltd

1036 QBE Underwriting Ltd

1084 Chaucer Chaucer Syndicates

1088 Liberty Syndicate Management Ltd

1093 Liberty Syndicate Management Ltd

1095 Catlin Underwriting Agencies Ltd

1096 Chaucer Syndicates Ltd

1110 Argenta Syndicate Management Ltd

1141 Amlin Underwriting Ltd

1156 QBE Underwriting Ltd

1157 XL London Market Ltd

1176 Chaucer Syndicates Ltd

1183 Talbot Underwriting Ltd

1184 Catlin Underwriting Agencies Ltd

1191 Travelers Syndicate Management Ltd

1200 Argo Managing Agency Ltd

1202 Brit Syndicates Ltd

1204 Chaucer Syndicates Ltd

1206 AmTrust at Lloyd’s Ltd

1209 XL London Market Ltd

1210 S A Meacock & Company Ltd

1211 Travelers Syndicate Management Ltd

1212 Novae Syndicates Ltd

1215 QBE Underwriting Ltd

1218 Newline Underwriting Management Ltd

1221 Navigators Underwriting Agency Ltd

1223 QBE Underwriting Ltd

1224 Chaucer Syndicates Ltd

1225 Aegis Managing Agency Ltd

1227 Markel Syndicate Management Ltd

1228 Markel Syndicate Management Ltd

1229 Chaucer Syndicates Ltd

1231 ANV Syndicate Management Ltd

1234 Novae Syndicates Ltd

1239 Markel Syndicate Management Ltd

1241 Novae Syndicates Ltd

1242 ANV Syndicate Management Ltd

1245 Chaucer Syndicates Ltd

1250 Catlin Underwriting Agencies Ltd

1251 Catlin Underwriting Agencies Ltd

1265 ANV Syndicate Management Ltd

1274 Antares Managing Agency Ltd

1301 Torus Underwriting Management Ltd

1317 ANV Syndicate Management Ltd

1414 Ascot Underwriting Ltd

1415 Novae Syndicates Ltd

1458 Renaissance Re Syndicate Management Ltd

1607 Canopius Managing Agents Ltd

1686 Asta Managing Agency Ltd

1729 Asta Managing Agency Ltd

1861 ANV Syndicate Management Ltd

1880 R.J. Kiln & Co. Ltd

1882 Chubb Managing Agent Ltd

1897 Asta Managing Agency Ltd

1910 Asta Managing Agency Ltd

SYND. CURRENT AGENT NAME

1919 Starr Managing Agents Ltd

1923 Alterra at Lloyd’s Ltd

1945 Asta Managing Agency Ltd

1955 Barbican Managing Agency Ltd

1967 W.R. Berkley Syndicate Management Ltd

1969 ANV Syndicate Management Ltd

1991 R&Q Managing Agency Ltd

2001 Amlin Underwriting Ltd

2002 Faraday Underwriting Ltd

2003 Catlin Underwriting Agencies Ltd

2007 Novae Syndicates Ltd

2010 Cathedral Underwriting Ltd

2012 Arch Underwriting at Lloyd’s Ltd

2014 Pembroke Managing Agency Ltd

2015 The Channel Managing Agency Ltd

2020 Catlin Underwriting Agencies Ltd

2040 Brit Syndicates Ltd

2088 Catlin Underwriting Agences Ltd

2121 Argenta Syndicate Management Ltd

2147 Novae Syndicates Ltd

2227 Travelers Syndicate Management Ltd

2232 Allied World Managing Agency Ltd

2322 ACE Underwriting Agencies Ltd

2323 Argenta Syndicate Management Ltd

2357 Asta Managing Agency Ltd

2376 Talbot Underwriting Ltd

2400 Brit Syndicates Ltd

2468 Marketform Managing Agency Ltd

2488 ACE Underwriting Agencies Ltd

2490 ACE Underwriting Agencies Ltd

2525 Asta Managing Agency Ltd

2526 Asta Managing Agency Ltd

2600 Catlin Underwriting Agencies Ltd

2607 Canopius Managing Agents Ltd

2623 Beazley Furlonge Ltd

2724 QBE Underwriting Ltd

2750 Canopius Managing Agents Ltd

2791 Managing Agency Partners Ltd

2800 Alterra at Lloyd’s Ltd

2962 Canopius Managing Agents Ltd

2987 Brit Syndicates Ltd

2999 QBE Underwriting Ltd

3000 Markel Syndicate Management Ltd

3002 Catlin Underwriting Agencies Ltd

3010 Cathedral Underwriting Ltd

3030 Catlin Underwriting Agencies Ltd

3200 Argo Managing Agency Ltd

3210 Mitsui Sumitomo Insurance Underwriting at Lloyd’s Ltd

3245 Argo Managing Agency Ltd

3334 Sportscover Underwriting Ltd

3579 Marketform Managing Agency Ltd

3622 Beazley Furlonge Ltd

3623 Beazley Furlonge Ltd

3624 Hiscox Syndicates Ltd

3786 Canopius Managing Agents Ltd

3820 Hardy (Underwriting Agencies) Ltd

4000 Pembroke Managing Agency Ltd

4020 Ark Syndicate Management Ltd

4040 HCC Underwriting Agency Ltd

4141 HCC Underwriting Agency Ltd

4242 Asta Managing Agency Ltd

4444 Canopius Managing Agents Ltd

4472 Liberty Syndicate Management Ltd

4711 Aspen Managing Agency Ltd

5000 Travelers Syndicate Management Ltd

5151 Montpelier Underwriting Agencies Ltd

5820 ANV Syndicate Management Ltd

6103 Managing Agency Partners Ltd

6104 Hiscox Syndicates Ltd

6105 Ark Syndicate Management Ltd

6107 Beazley Furlonge Ltd

6111 Catlin Underwriting Agences Ltd

6112 Catlin Underwriting Agences Ltd

6113 Barbican Managing Agency Ltd

6115 Canopius Managing Agents Ltd

6117 Asta Managing Agency Ltd

6118 Barbicam Managing Agency Ltd

6119 Catlin Underwriting Agencies Ltd

MANAGING AGENTS MANAGING SYNDICATES IN RUN-OFF

Current Managing agency name Current RITC Syndicate

Syndicates reinsured to close into

Admiral Group plc NA 2004

Centrewrite 6996 0332,0349, 1052, 1171,1204, 2171

Chaucer Syndicates Ltd 1084 4000, 4455

Highway Insurance Company NA 0037, 0293, 0330, 2037

R&Q Managing Agency Ltd 3330 0002, 0102, 0500, 0590, 0658, 0734, 0765, 1027, 1179, 1208, 1485, 2021, 2659

Vibe Syndicate Management Ltd 5678 0896, 0923, 0947, 0952, 0957, 0994, 1047, 1069, 1101, 1173, 1222, 1688, 1900, 2241, 2923, 2947

Riverstone Managing Agency Ltd 3500 0271, 0376, 0506, 1019, 1038, 2112, 2376, 2506

Shelbourne Syndicate Services Ltd 2008 0053, 0055, 0190, 0205, 0228, 0529, 0536, 0861, 0991, 1087, 1121, 1231, 1236, 1243, 1308, 1999, 5500, 6101, 6102

ORPHAN YEARS OF ACCOUNT CLOSED STATUS AT Q1 2014

SYND. YEAR MANAGING AGENT

1965 2009 Argenta Syndicate Management Limited

1965 2010 Argenta Syndicate Management Limited

1965 2011 Argenta Syndicate Management Limited

2468 2007 Marketform Managing Agency Ltd

5820 2010 Jubilee Managing Agency Limited

5820 2011 Jubilee Managing Agency Limited