QBE Syndicate 2999 Annual Report and Accounts 2009

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Notes to the financial statements continued For the year ended 31 December 2009 10 Financial risk continued iii) Liquidity risk In addition to the treasury cash held for working capital requirements, a minimum percentage of the syndicate’s total financial assets is held in liquid, short term money market securities to ensure there are sufficient liquid funds available to meet current obligations. The table below summarises the maturity profile of all financial liabilities based on the remaining contractual obligations. 38 QBE Syndicate 2999 Annual report 2009 2009 2008 Within Over Within Over one year one year one year one year £000 £000 £000 £000 Trade and other payables 293,183 42 252,976 61 Derivative financial instruments 6,969 – 30,891 – Borrowings – – 14,394 – The syndicate has no significant concentration of liquidity risk. 11 Debtors i) Debtors arising out of direct insurance operations 300,152 42 298,261 61 2009 2008 £000 £000 Due within one year Due from policyholders 1,247 1,384 Due from intermediaries 355,855 365,460 Due after one year Due from intermediaries 451 606 ii) Debtors arising out of reinsurance operations 357,553 367,450 2009 2008 £000 £000 Due within one year 268,380 242,249 Due after one year 1,044 – 269,424 242,249
12 Overseas deposits These are lodged as a condition of conducting underwriting business in certain countries. 2009 2008 £000 £000 Joint Asset Trust Funds 7,419 8,025 Canadian Margin Fund 19,329 14,147 Kentucky Trust Funds 4,382 4,153 Australian Trust Funds 29,201 18,205 South African Trust Funds 8,265 9,423 ASL Overseas deposit 9,246 4,355 Additional Securities Illinois Deposit 8,793 11,460 The deposits with Additional Securities Limited are required to allow names to write business in various overseas countries. 13 Reconciliation of member’s balance 86,635 69,768 2009 2008 £000 £000 At 1 January 172,318 105,426 Profit for the financial year 133,738 166,354 Payments out of profit to member’s personal reserve funds (169,207) (99,574) Open year profit release (6,491) – Other (84) 112 At 31 December 130,274 172,318 Members participate on syndicates by reference to years of account and their ultimate result, assets and liabilities are assessed with reference to policies in that year of account in respect of their membership of a particular year. 14 Creditors arising out of direct insurance operations 2009 2008 £000 £000 Due within one year Due to policyholders 1,263 1,277 Due to intermediaries 125,115 108,650 Due after one year Due to intermediaries 42 25 126,420 109,952 39 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 and 22: Statement of managing agent’s res
Page 23 and 24: Risk management The syndicate’s a
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: 10 Financial risk continued i) Mark
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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