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Heritage – syndicate 1245 03/04/2008
Chaucer Syndicates has reached agreement with Heritage Managing Agency to close syndicate 1245 into Chaucer syndicate 1084. With effect from 1 January 2008, syndicate 1084 will assume the reinsurance to close of the unnaturally open 2002, 2003 and 2004 years of account of syndicate 1245, which ceased underwriting in 2004. The premium for the reinsurance to close is £42.5m.
The transaction incorporates a departure from standard RITC practice in that it includes provision for the reinsured members of syndicate 1245 partially to benefit from a premium refund in the event of the favourable run-off of the outstanding liabilities assumed by syndicate 1084. Syndicate 1245 underwrote predominantly property and North American casualty business. In a statement the company said that adverse development in the North American casualty account affected all three open years and 2002 included some problem surety business. Heritage obtained quotations from several RITC providers for the closure of the open years of syndicate 1245, of which the quotation from Chaucer was deemed to be the most competitive. Two syndicate staff will join Chaucer to help administer the run-off.