QBE Syndicate 2999 Annual Report and Accounts 2009
QBE Syndicate 2999 Annual Report and Accounts 2009 QBE Syndicate 2999 Annual Report and Accounts 2009
Managing agency – corporate information Directors A M Bathia I D Beckerson S P Burns D A Constable resigned 10 March 2010 M F Crane resigned 10 March 2010 E Di Silvio resigned 10 March 2010 P A Dodridge D Grossman resigned 10 March 2010 P E Grove ** R Johnston appointed 10 March 2009, resigned 10 March 2010 K M Lisson appointed 1 June 2009 B Mageean V McLenaghan*** J D Neal C R O’Farrell F M O’Halloran P V Olsen* J W Parry B W Pomeroy * H M Posner * G S Rayner resigned 10 March 2010 T J Whittaker D J Winkett * non-executive director ** non-executive director from 1 January 2010, previously an executive director *** appointed alternate director to Frank O’Halloran from 10 March 2010, previously an executive director Directors’ interests None of the directors were members of the syndicate for the years of account open during the period of these accounts. Secretary S M Boland Registered office Plantation Place 30 Fenchurch Street London EC3M 3BD Auditors PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Hay’s Galleria 1 Hay’s Lane London SE1 2RD 20 QBE Syndicate 2999 Annual report 2009
Risk management The syndicate’s activities expose the business to a number of key risks which have the potential to affect the syndicate’s ability to achieve its business objectives. The board, supported by the risk and capital committee, is responsible for ensuring that an appropriate structure for managing these risks is maintained. The board’s appetite reflects the fact that it is not realistic or desirable to eliminate risk entirely, and therefore seeks to ensure that the appropriate controls are in place to effectively manage risks in line with the agreed tolerance. The syndicate continues to develop its risk management capability to ensure that an effective framework exists to support the management of all types of risk both currently and in the future under the Solvency II regime. Elements of this framework include the regular identification and assessment of the key risks and controls as well as clearly defined ownership of both the risks and controls. Risk groups The key risks can be grouped under the following headings: Insurance risk Credit risk Capital and liquidity risk Market risk Operational risk The syndicate’s business is to accept insurance risk, which is appropriate to enable it to meet its objectives. In line with the QBE Group risk strategy, the syndicate seeks to balance insurance risk with reward. All underwriting divisions are set specific and measurable performance targets, which they are expected to achieve by operating within the parameters of the approved business plan. In addition to the insurance terms of trade offered as standard, a certain amount of credit risk is unavoidable, as it can arise as a result of the inability or slow payment of any of the syndicate’s counterparties. The syndicate therefore seeks to limit exposure as far as is practical and has established detailed guidelines, procedures, limits and monitoring requirements to mitigate credit risk. The objective of the syndicate’s capital and liquidity risk management is to ensure that; capital is optimally managed; that the syndicate remains solvent by a significant margin and all withdrawals and funding requirements can be met out of readily available sources of funding. The syndicate seeks to maintain a strong liquidity position by holding its assets predominantly in liquid funds. Exposure to market risk is managed through the investment strategy, which reflects the appetite of the board. The strategy is deliberately conservative in order to eliminate potential volatility to market fluctuations as much as possible. The syndicate seeks to mitigate exposure to operational risks through ensuring that an effective infrastructure, robust systems and controls and appropriately experienced and qualified individuals are in place throughout the organisation. Group risk The syndicate seeks to align objectives to QBE Group strategy as well as to relevant Group policies, guidelines and reporting requirements. The CEO monitors and manages Group risks with the other Divisional CEOs within the Group through the Group Operations Executive. 21 QBE Syndicate 2999 Annual report 2009
- Page 1 and 2: QBE Syndicate 2999 Annual report 20
- Page 3 and 4: QBE Syndicate 2999 highlights QBE S
- Page 5 and 6: Major events in 2009 • Growth ach
- Page 7 and 8: 3. Empowers through a collaborative
- Page 9 and 10: Business of the syndicate QBE Syndi
- Page 11 and 12: QBE Marine and Energy Syndicate 103
- Page 13 and 14: QBE Property Syndicate 2000 Busines
- Page 15 and 16: Report of the directors of the mana
- Page 17 and 18: During 2009 we installed a new Head
- Page 19 and 20: Investment performance The total in
- Page 21: Statement of managing agent’s res
- Page 25 and 26: Profit and loss account: technical
- Page 27 and 28: Balance sheet As at 31 December 200
- Page 29 and 30: Statement of cash flows For the yea
- Page 31 and 32: 1 Accounting policies continued b)
- Page 33 and 34: 1 Accounting policies continued g)
- Page 35 and 36: 4 Claims outstanding During the yea
- Page 37 and 38: 9 Other financial investments conti
- Page 39 and 40: 10 Financial risk continued i) Mark
- Page 41 and 42: 12 Overseas deposits These are lodg
- Page 43 and 44: 17 Related parties The managing age
- Page 45 and 46: Net investment income Gross investm
- Page 47 and 48: Designed and produced by 85FOUR www
Managing agency –<br />
corporate information<br />
Directors<br />
A M Bathia<br />
I D Beckerson<br />
S P Burns<br />
D A Constable resigned 10 March 2010<br />
M F Crane resigned 10 March 2010<br />
E Di Silvio resigned 10 March 2010<br />
P A Dodridge<br />
D Grossman resigned 10 March 2010<br />
P E Grove **<br />
R Johnston appointed 10 March <strong>2009</strong>, resigned 10 March 2010<br />
K M Lisson appointed 1 June <strong>2009</strong><br />
B Mageean<br />
V McLenaghan***<br />
J D Neal<br />
C R O’Farrell<br />
F M O’Halloran<br />
P V Olsen*<br />
J W Parry<br />
B W Pomeroy *<br />
H M Posner *<br />
G S Rayner resigned 10 March 2010<br />
T J Whittaker<br />
D J Winkett<br />
* non-executive director<br />
** non-executive director from 1 January 2010, previously an executive director<br />
*** appointed alternate director to Frank O’Halloran from 10 March 2010, previously an executive director<br />
Directors’ interests<br />
None of the directors were members of the syndicate for the years of account open during the period of these accounts.<br />
Secretary<br />
S M Bol<strong>and</strong><br />
Registered office<br />
Plantation Place<br />
30 Fenchurch Street<br />
London<br />
EC3M 3BD<br />
Auditors<br />
PricewaterhouseCoopers LLP<br />
Chartered Accountants <strong>and</strong> Statutory Auditors<br />
Hay’s Galleria<br />
1 Hay’s Lane<br />
London<br />
SE1 2RD<br />
20<br />
<strong>QBE</strong> <strong>Syndicate</strong> <strong>2999</strong><br />
<strong>Annual</strong> report <strong>2009</strong>
Change language