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Heritage maintains syndicate forecasts

Lloyd’s insurer Heritage Underwriting Agency plc, which was acquired by Bermudian Argo International Group earlier this year, has maintained its previous forecasts on its Lloyd’s syndicates.

The company’s worldwide Property Syndicate 1200 has a forecast of 17.5-22.5 percent profit on a capacity of £215mn for the 2006 year of account. For the 2007 year of account Syndicate 1200 is expected to return a profit of 12.5-17.5 percent on a raised capacity of £260mn.

The forecast for the company’s non-US liability Syndicate 3245’s 2006 year of account remains 10-15 percent profit on a capacity of £49mn. For the following year the forecast is 7.5-12.5 percent profit on a capacity of £55mn.

Earlier this month Heritage applied to the London Alternative Investment Market (AIM) to cancel admission of its shares to the exchange following closure of its acquisition by Argo.

The Argo approach came after protracted efforts by Heritage to fight off a bid from Ironshore Inc, and represented a premium of approximately 46 percent to the closing price of 109.5p per Heritage share on 4 December 2007.

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