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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.
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 |
326 |
| 1886 |
Non-Marine liability |
John Neal |
109 |
| 2000 |
Property |
Bernard Mageean |
103 |
| 5555 |
Aviation |
Emilio Di Silvio |
126 |
| |
|
|
980 |
Financial Summary
The information provided below sets out summary financial information in respect of Umbrella Syndicate 2999. 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. Syndicate 2999’s capacity is provided 100% by QBE Insurance Group Limited, the international insurance and reinsurance group.
A summary of the development of Syndicate 2999’s capacity composition since its establishment is as follows:
Syndicate 2999 Capacity (£m)
| Sub-syndicate2003200420052006200720082009 |
| 566 |
156.0 |
160.0 |
180.0 |
215.0 |
245.0 |
290.0 |
275.0 |
| 1036 |
- |
- |
185.0 |
210.0 |
220.0 |
210.0 |
275.0 |
| 1886 |
- |
- |
- |
30.0 |
35.0 |
100.0 |
90.0 |
| 2000 |
185.0 |
215.0 |
185.0 |
180.0 |
195.0 |
85.0 |
75.0 |
| 2386 |
- |
- |
- |
- |
- |
- |
- |
| 2724 |
159.0 |
155.0 |
- |
- |
- |
- |
- |
| 5555 |
- |
- |
- |
25.0 |
85.0 |
95.0 |
85.0 |
| |
500.0 |
530.0 |
550.0 |
660.0 |
780.0 |
780.0 |
800.0 |
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