Duncanson & Holt has announced a further 5% cash call on Names for the 1997 year of account.

The total cash call including the cash call at the end of June for the 1997 account will now be 45%.

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Duncanson & Holt has announced a further 5% cash call on Names for the 1997 year of account.

The total cash call including the cash call at the end of June for the 1997 account will now be 45%.

The forecast loss on that year for a third party Name has deteriorated to 54.7% from a loss of 33.9% of stamp capacity at 31 December 2001. Names will have to make their payment by 28 June.

The call on the run-off non-marine Syndicate 1101 relates partly to exposure on Unicover Pool Managers created to underwrite workman's compensation in the US.

It is feared volatility on open accounts will be exacerbated by the increased potential for reinsurance failure following 11 September.

Duncanson & Holt Syndicate Management finance director Tim Cox confirmed his managing agency had written to Names asking for more money.

He said the 1997 account was now being left open.

"The first quarter results are being processed at the moment and we will be in a position to judge very shortly when the syndicate quarterly returns have been filed," he said.

Duncanson & Holt's last cash call was in March when Syndicate 1101 made a 16% cash call. This meant Names paid £1,600 for every £10,000 share.

Duncanson & Holt's run-off manager's report, leaked to Insurance Times, said the forecast loss on 1998 for a Name fell to 48.6% from 33.9% of stamp capacity at last year end.

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