Beaufort Underwriting Agency Ltd ("Beaufort") completes the establishment of new Munich Re backed Syndicate 1318

2008/12/16

Beaufort is pleased to announce that Syndicate 1318 has received Lloyd's approval to begin underwriting for the 2009 year of account. Beaufort, which currently manages MSF Pritchard Syndicate 318, has appointed Gordon Breslin to be Active Underwriter and Steve Anderson as Deputy Underwriter for the new venture.

Syndicate 1318 will trade as G J Breslin Syndicate 1318 (one-three-one-eight) and will initially have premium capacity of £35m. The Syndicate is backed fully by Munich Re, which also owns Beaufort and will underwrite a book of predominately North American small commercial property and home owners' business sourced exclusively through binding authorities.

Michael Pritchard, Director of Beaufort and Active Underwriter of Syndicate 318 said: "We are delighted to have been able to appoint Gordon and Steve I look forward to working with them and their team in the coming years to take Beaufort to its next stage of development both within Lloyd's and as part of the Munich Re Group."

Gordon Breslin, Active Underwriter of Syndicate 1318 commented "With a number of Lloyd's entities focussing on start up operations in the USA, there is a tremendous opportunity to develop and expand a SME business account here in London. These types of risks have been written in Lloyd's for many years, and with the backing of Munich Re I am confident that Syndicate 1318 will be successful in continuing this tradition, providing our coverholders and their policyholders with a viable alternative market."

G J Breslin Syndicate 1318 Gordon Breslin 020 7220 8200
Beaufort Underwriting Agency Ltd & MSF Pritchard Syndicate 318 Mike Pritchard 020 7220 8200
Beaufort Underwriting Agency Ltd Andy Dawe 020 7220 8200

Profile of Gordon Breslin

  • Gordon Breslin has over 30 years experience in the insurance industry, and for much of this he has held underwriting positions.
  • Joined Beaufort in October 2008, prior to which he spent over six years as Senior Property Underwriter with Ace Global Markets.
  • A member of the International Committee of the North American Professional Surplus Lines Offices ("NAPSLO").

Profile of Beaufort

  • Formed in 1999, Beaufort has acted as managing agent for Syndicate 318 since 2001.
  • The agency, as a subsidiary of MSP Underwriting Ltd, was acquired by the Munich Re Group in November 2007.
  • For 2009, Beaufort has managed capacity of £237million.

Profile of MSF Pritchard Syndicate 318

  • Syndicate 318 is a Lloyd's non-marine syndicate specialising in the underwriting of a UK and international property account, and an aviation account.
  • Michael Pritchard has been the active underwriter since 1985 during which time he has achieved an unbroken run of profitability with the Syndicate.
  • The Syndicate has an underwriting capacity of £202million for the 2009 year of account, of which Munich Re provides 71.8%, with third party capital providers representing the balance. Syndicate 318 is intending to underwrite approximately £137million of income for the year (after brokerage).
Disclaimer
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.
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