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Overview
Umbrella Syndicate 2999 was established for the 2000 year of account in order to provide a mechanism for the efficient use of capital whilst maximising the individual strengths and professional expertise of the underlying sub-syndicates.
Risks are not underwritten by Syndicate 2999 in its own right but it is the sole trading entity from a regulatory perspective and the focal point for management control and administration of the trading sub-syndicates.
For 2009, Syndicate 2999 operates five autonomously managed sub-syndicates, writing a broad range of business with a projected income of £980m, comprised as follows:
| SyndicateClassesManaging Director £m |
| 566 |
Reinsurance |
Jonathan Parry |
316 |
| 1036 |
Marine & Energy |
Colin O'Farrell |
334 |
| 1886 |
Non-Marine liability |
John Neal |
132 |
| 2000 |
Property |
Bernard Mageean |
74 |
| 5555 |
Aviation |
Emilio Di Silvio |
108 |
| |
|
|
964 |
Financial Summary
The information provided below sets out summary financial information in respect of Umbrella Syndicate 2999. Syndicate 2999’s capacity is provided 100% by QBE Insurance Group Limited, the international insurance and reinsurance group:
Syndicate 2999 Capacity (£m)
| Sub-syndicate2004200520062007200820092010 |
| 566 |
160.0 |
180.0 |
215.0 |
245.0 |
290.0 |
275.0 |
342.0 |
| 1036 |
- |
185.0 |
210.0 |
220.0 |
210.0 |
275.0 |
342.0 |
| 1886 |
- |
- |
30.0 |
35.0 |
100.0 |
100.0 |
129.0 |
| 2000 |
215.0 |
185.0 |
180.0 |
195.0 |
85.0 |
65.0 |
72.0 |
| 2386 |
- |
- |
- |
- |
- |
- |
- |
| 2724 |
155.0 |
- |
- |
- |
- |
- |
- |
| 5555 |
- |
- |
25.0 |
85.0 |
95.0 |
85.0 |
115.0 |
| |
530.0 |
550.0 |
660.0 |
780.0 |
780.0 |
800.0 |
1,000.0 |
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