Chaucer Holdings PLC - Latest Syndicate Forecast - 20.11.07

Chaucer Holdings PLC today published an update on syndicate forecasts and current trading. The full press release including class by class rating index is attached.

2005 Account
The 2005 underwriting year is on course to produce a good profit, with catastrophe-related losses continuing to settle within budget and satisfactory run-off on all divisions. The mid-point forecast has increased by 2.6% to 10.5% for Syndicate 1084 and by 5% to 30% for Syndicate 1176.

2006 Account
The mid-point forecast for the 2006 account is unchanged at 13.5% for 2006 on Syndicate 1084 but has improved by 5% points to 42.5% for Syndicate 1176.

Rates
The premium rating index shows that Chaucer expects an overall decrease of 4.9% in premium rates in 2008, with a projected upturn of 6.4% in UK motor rates dampening the effect of a 6.6% reduction in non-marine and marine rates.
Ewen Gilmour, chief executive officer of Chaucer, commented:"With a second successive exceptionally benign hurricane season and continued progress from our open years to report, I am confident of another positive year for Chaucer. We will continue to flex our underwriting in 2008 to take advantage of classes showing greater profit potential."