QBE Syndicate 2999 Annual Report and Accounts 2009

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Independent auditors’ report to the member of Syndicate 2999 We have audited the syndicate annual accounts of Syndicate 2999 for the year ended 31 December 2009 which comprise the profit and loss account, the balance sheet, the statement of cash flows, and the related notes. These accounts have been prepared under the accounting policies set out therein. Respective responsibilities of managing agent and auditors The managing agent’s responsibilities for preparing the syndicate annual accounts in accordance with the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the statement of managing agent’s responsibilities. Our responsibility is to audit the syndicate annual accounts in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the syndicate’s members as a body and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or in to whose hands it may come save where expressly agreed by our prior consent in writing. We report to you our opinion as to whether the syndicate annual accounts give a true and fair view and are properly prepared in accordance with the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and United Kingdom Generally Accepted Accounting Practice. We also report to you whether, in our opinion, the information given in the report of the directors of the managing agent is consistent with the syndicate annual accounts. In addition we report to you if, in our opinion, the managing agent has not kept adequate accounting records in respect of the syndicate, if the syndicate annual accounts are not in agreement with the accounting records, if we have not received all the information and explanations we require for our audit or if information specified by law regarding remuneration of the directors of the managing agent and the active underwriter and other transactions is not disclosed. We read the other information attached to the syndicate annual accounts and consider whether it is consistent with the audited syndicate annual accounts. This other information comprises only the report of the directors of the managing agent and the information on pages 1 to 12 and 20 to 21. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the syndicate annual accounts. Our responsibilities do not extend to any other information. Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the syndicate annual accounts. It also includes an assessment of the significant estimates and judgements made by the directors of the managing agent in the preparation of the syndicate annual accounts, and of whether the accounting policies are appropriate to the syndicate’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the syndicate annual accounts are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the syndicate annual accounts. Opinion In our opinion: • the syndicate annual accounts give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the syndicate’s affairs as at 31 December 2009 and of its profit and cash flows for the year then ended; • the syndicate annual accounts have been properly prepared in accordance with the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and United Kingdom Generally Accepted Accounting Practice; and • the information given in the report of the directors of the managing agent is consistent with the syndicate annual accounts. Nigel Terry (Senior Statutory Auditor) For and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 18 March 2010 22 QBE Syndicate 2999 Annual report 2009
Profit and loss account: technical account – general business For the year ended 31 December 2009 2009 2008 Notes £000 £000 £000 £000 Earned premiums, net of reinsurance Gross premiums written Continuing operations 3 1,041,277 851,963 Discontinued operations (792) 304 3 1,040,485 852,267 Outward reinsurance premiums (285,506) (217,767) Net premiums written 754,979 634,500 Changes in the provision for unearned premiums Gross amount (46,418) (49,975) Reinsurers’ share 19,139 3,879 Change in the net provision for unearned premiums (27,279) (46,096) Earned premiums, net of reinsurance 727,700 588,404 Investment return transferred from the non-technical account 30,913 46,638 Claims incurred, net of reinsurance Claims paid Gross amount (573,841) (458,859) Reinsurers’ share 206,614 144,759 Net claims paid (367,227) (314,100) Change in the provision for claims Gross amount 11,865 (55,371) Reinsurers’ share (25,833) 52,606 Change in the net provisions for claims (13,968) (2,765) Claims incurred, net of reinsurance 4 (381,195) (316,865) Net operating expenses 5 (243,680) (151,823) Balance on technical account for general business Continuing operations 95,666 119,523 Discontinued operations 38,072 46,831 Balance on technical account – general business 133,738 166,354 The notes set out on pages 28 to 41 form an integral part of these financial statements. 23 QBE Syndicate 2999 Annual report 2009
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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 and 22: Statement of managing agent’s res
Page 23: Risk management The syndicate’s a
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

QBE Syndicate 2999 Annual Report and Accounts 2009

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