News
Cathedral and Alchemy
Alchemy Investment Plan have offered to acquire the interests of the shareholders of Cathedral Capital PLC, the current holding company of the Cathedral group. However, the underwriting and management teams are rolling forward their existing interests into the new ownership structure.
Naturally, everything remains subject to FSA and Lloyd’s approvals (together with certain other conditions of the offer), but assuming the transaction proceeds to completion as contemplated, Alchemy will end up owning up to just under two-thirds of Cathedral’s new holding company. Management and employees will own the balance.
None of this will result in any material change in the management of the managing agency or Syndicate 2010 and the underwriting teams and the business plan will remain unchanged. Elvin Patrick is to chair the new top company.
The underwriting and management teams are extremely pleased that as a result of the envisaged transaction Cathedral and Syndicate 2010 will continue to be able to build a strong independent franchise in the Lloyd’s and London Market. They will have a significantly increased percentage holding in Cathedral going forward.
Added in November 2006
Syndicate 2010 - 2007 Underwriting Capacity
Cathedral announced that it had received all necessary capital provider and Lloyd's consents to increase the underwriting capacity of Syndicate 2010 to £300 million for 2007. (2006: £250 million.)
Added in October 2006
A. M. Best Rating
A. M. Best affirms Syndicate 2010's Best's Syndicate Rating of A (Excellent) and its ICR (issuer credit rating) of 'a'.
Added in October 2006
Syndicate 2010 - 2007 Underwriting Capacity
Cathedral announced that it intends to increase the underwriting capacity of Syndicate 2010 to £300 million for the 2007 underwriting year of account, subject to all necessary capital provider and Lloyd's consents.
Added in June 2006
Contingency account
Justin Burns has joined Syndicate 2010 from Liberty Syndicates to take responsibility for the syndicate's Contingency team. He joins Katie Spicer who commenced underwriting contingency business for the syndicate in September 2005.
Added in February 2006
Syndicate 2010 - 2006 Underwriting Capacity
Cathedral announced that Syndicate 2010 has an underwriting capacity of £250 million for the 2006 underwriting year.
Added in January 2006
Syndicate 2010 - 2006 Underwriting Capacity
Cathedral announced that it had received all necessary capital provider and Lloyd's consents to increase the underwriting capacity of Syndicate 2010 to £250 million for 2006. (2005: £200 million.)
Added in October 2005
New contingency account
Katie Spicer has joined Syndicate 2010 from Liberty Syndicates to write contingency business. She will be joined in the first quarter of 2006 by Justin Burns, once he has satisfied his contractual obligations to Liberty Syndicates.
Added in September 2005
A. M. Best Rating
A. M. Best affirms Syndicate 2010's Best's Syndicate Rating of A (Excellent) and its ICR (issuer credit rating) of 'a'.
Added in April 2005
Syndicate 2010 - 2005 Underwriting Capacity
Cathedral announced that Syndicate 2010 has an underwriting capacity of £200 million for the 2005 underwriting year.
Added in January 2005