Specialist Lloyd's insurer Chaucer Holdings has revealed that its managing agency, Chaucer Syndicates, is to go ahead with the merger of Syndicates 587 and 1096 with Syndicate 1084 for the 2004 year of account.
The merged syndicate, which will continue as Syndicate 1084, is expected to have an underwriting capacity of £400m for 2004.
It will be organised into three divisions - motor, marine and non-marine. Hugh Hayward, current Active Underwriter of Syndicate 1084, will be Active Underwriter for the merged syndicate.
Managing director Ewen Gilmour said: "The merged syndicate will provide Chaucer with a number of substantial advantages over its current structure, notably through greater operational flexibility and utilisation of capital, improved value from reinsurance and, over time, reduced operating costs. We are grateful for the support shown to us by Names and other third party capital providers in backing this merger."
