QBE fails to buyout Syndicate 386 Names
QBE confirmed today that it had withdrawn a proposed offer to buyout the remaining Names that participate on its specialist liability Syndicate 386, managed at Lloyd's under the Limit brand within QBE European Operations. The external minority comprises 30.4% of 386, equating to £103.4 million of capacity for the 2007 year.
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
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