QBE Syndicate 2999 Annual Report and Accounts 2009
QBE Syndicate 2999 Annual Report and Accounts 2009
QBE Syndicate 2999 Annual Report and Accounts 2009
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17 Related parties<br />
The managing agent of the syndicate, QUL, <strong>and</strong> the corporate member that provides capital to the syndicate, are wholly owned subsidiaries of their<br />
ultimate parent company, <strong>QBE</strong> Insurance Group Limited.<br />
All transactions between the syndicate <strong>and</strong> companies within the <strong>QBE</strong> Insurance Group are conducted on normal market terms on an arm’s length basis.<br />
The syndicate is exempt under the terms of FRS 8 from disclosing related party transactions.<br />
18 Reinsurance to close accepted<br />
In early <strong>2009</strong>, the syndicate agreed to accept the RITC of <strong>Syndicate</strong> 566’s 2000 <strong>and</strong> prior years of account, following a successful consultation with<br />
members’ agents.<br />
The effect of this in these accounts is to increase gross written premiums by £67,458,000, gross claims outst<strong>and</strong>ing by £143,350,000, <strong>and</strong> reinsurers’<br />
share of claims outst<strong>and</strong>ing by £75,892,000, a net effect of £nil.<br />
41<br />
<strong>QBE</strong> <strong>Syndicate</strong> <strong>2999</strong><br />
<strong>Annual</strong> report <strong>2009</strong>
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