St. Paul Launches New Lloyd's Syndicate

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By Lisa S. Howard, International Editor

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NU Online News Service, Nov. 26, 1:18 p.m. EST,London?St. Paul at Lloyd's has launched its newly-createdcorporate syndicate, Syndicate 5000, which will begin underwritingnon-life business at Lloyd's on behalf of The St. Paul Companies in2003.

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The formation of Syndicate 5000, successor to Syndicate 1211, isthe culmination of a two-year strategy to consolidate the company'snon-life business into a single syndicate, St. Paul said.

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When St. Paul first invested at Lloyd's, its seven syndicateswere of a mixed capital base, supported by St. Paul as well as byindividual Lloyd's members, Sangita Ladwa, a St. Paulrepresentative, told National Underwriter.

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Over the years, St. Paul has acquired the capacity provided bythe Names, "so private capital is no longer supporting thesyndicate," she said.

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"If you have a number of syndicates in that situation, as youacquire the capital, it makes sense to merge the capacity on thosesyndicates so that you're not replicating syndicate costs," shesaid.

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For the 2003 year of account, the company will, via the singlesyndicate, offer marine, aviation, property, and specialistpersonal lines, under the trading name of Cassidy Davis InsuranceGroup, St. Paul said in an announcement.

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Then St. Paul will provide ?435 million of capacity (U.S. $674million) for the syndicate during 2003.

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Syndicate 779, Cassidy Davis Life, managed by St. Paul atLloyd's, continues to trade independently, and remains supported bySt. Paul as well as individual Lloyd's members.

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