QBE Syndicate 2999 Annual Report and Accounts 2009

4 Claims outstanding
During the year a positive net run-off development of £27,740,000 (2008 £126,187,000), of which the main contributors were Casualty with a positive
development of £10,343,000 and Property with a negative development of £10,535,000 (2008 reinsurance accepted £97,123,000).
5 Net operating expenses
2009 2008
£000 £000
Acquisition costs – direct commission 135,605 126,871
Acquisition costs – other 42,908 36,693
Changes in deferred acquisition costs (6,002) (8,509)
Administrative expenses 70,001 97,147
Reinsurance commission revenue (235) (788)
(Profit)/loss on exchange 1,403 (99,591)
243,680 151,823
Administrative expenses include auditors’ remuneration:
Fees payable to the syndicate’s auditor for the audit of the syndicate’s annual accounts 297 336
Other services pursuant to legislation 294 288
6 Employees
All staff are employed by QBE Management Services (UK) Limited, a wholly owned subsidiary of QBE Insurance Group Limited.
The average number of staff represented by the above recharge for the period was:
2009 2008
Number Number
Underwriting 167 137
Claims 56 52
Administration 266 249
Total employee costs for the year were:
489 438
2009 2008
£000 £000
Wages and salaries 52,653 46,979
Social security costs 6,273 5,606
Pension costs 3,785 3,466
7 Directors’ emoluments
62,711 56,051
The directors of QUL and the Active Underwriter received the following aggregate remuneration charged to the syndicate and included within net
operating expenses:
2009 2008
£000 £000
Directors of the managing agent 7,481 5,895
Active Underwriter 175 142
Further information in respect of the directors of QUL is provided in that company’s financial statements.
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QBE Syndicate 2999
Annual report 2009