QBE fails to buyout Syndicate 386 Names

The initial proposal comprised two alternatives; an immediate cash payment of £1.10 per £ of capacity or a reduced immediate cash payment of £0.85 per £ coupled with the right for Names to remain on the syndicate for the 2008 and 2009 underwriting years. Names would also in any event continue to receive the profits anticipated from the open 2005 to 2007 underwriting years.

The proposal was subsequently increased to a cash payment of £1.25 per £ of capacity or £1.05 per £ with the right to pa