Syndicate Announcement

RNS Number:3111R
Chaucer Holdings PLC
24 October 2003


Press Release
For Immediate Release
24 October 2003


               Chaucer to Take Over Management of Syndicate 1204


Specialist Lloyd's insurer, Chaucer Holdings PLC (Chaucer), has signed heads of
agreement through its managing agency with Kiln PLC (Kiln) to take over the
management of professional liability Syndicate 1204, subject to Lloyd's
approval.


Under this transaction Chaucer will not assume any liability in respect of
business previously written by Syndicate 1204.


The majority of Syndicate 1204 staff, led by Janet Helson, will join Chaucer,
which will manage the syndicate's closure and assume its business renewal rights
for 2004.  Syndicate 1084 is expected to selectively renew Syndicate 1204's
niche book of claims made hospital liability business.


It is expected that, subject to the agreement of reinsurance to close, the
syndicate's 2003 year of account will be closed into Chaucer's Syndicate 1084.


Ewen Gilmour, Managing Director, commented:


"In line with the Group's strategy of underwriting for profit, not premium, this
provides an excellent opportunity for Chaucer to build the kind of specialist
business that offers the prospect of very good returns in the current
underwriting climate.  The additional management fee income will also provide a
useful contribution to Group overheads."


Ends

Enquiries:


Ewen Gilmour, Managing Director Chaucer Holdings PLC             020 7397 9700
Fiona Gibson, Haggie Financial                                   020 7417 8989


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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