Business
Closure of Lloyd's Syndicate
Closure of Lloyd's Syndicate.
About this update from Admiral Group Plc
[{"type":"text","content":"\n Admiral Group PLC\n07 December 2007\n\n\n Admiral Group plc\n\n\n7th December 2007\n\nClosure of Admiral Lloyd's Syndicate\n\nThe Board of Admiral Group plc ('Admiral') is pleased to announce that Court\napproval was obtained on 21 November 2007 for the transfer of the business of\nLloyd's Syndicate 2004 to Admiral Insurance Company Limited, pursuant to Part\nVII of the Financial Services and Markets Act 2000 (the ' Transfer'). The\nTransfer has now become effective.\n\nSyndicate 2004 underwrote a share of the premiums retained by the Group from\n2000 to 2002. From 2003 the Group underwrote its share of UK private motor\nbusiness through Admiral Insurance Company Limited and Admiral Insurance\n(Gibraltar) Limited. Under the transfer, the remaining liabilities of Syndicate\n2004 now vest in Admiral Insurance Company Limited.\n\nThe transfer will simplify our group structure, accounting and regulatory\nprocesses and streamline our capital position. The impact of the Transfer on the\nresults of Admiral for the year ended 31 December 2007 will not be material.\n\nFor further information:\n\nStuart Clarke, Company Secretary 029 20434229\nLouisa Scadden, Investor Relations Manager on 029 20434394\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":1548,"tagName":"div"}]