12th Jul 2005 07:00
Advent Capital (Holdings) PLC12 July 2005 Advent Capital (Holdings) PLC ("Advent" or the "Company") Notification of Results and Business Update Advent Capital (Holdings) PLC, which listed on AIM in June 2005, is a leadingLloyd's insurer which manages and participates on Syndicate 780. The Syndicateis predominantly a short tail-reinsurance syndicate. NOTIFICATION OF RESULTS Advent Capital (Holdings) PLC intends to announce its maiden interim results forthe half year ended 30 June 2005 on 16 September 2005. BUSINESS UPDATE 2006 Business Plan Advent recently submitted its 2006 Business Plans for Syndicate 780 to Lloyd's.Advent intends to maintain the syndicate's capacity at its current level of £153million and it will continue to focus on its core business lines: propertyinsurance and reinsurance. Moody's Advent announces confirmation by Moody's of 'B' average performance rating forSyndicate 780 and a stable outlook. This follows Advent Capital (Holdings)recent £63 million equity and debt fundraising. In their review, Moody's noted Advent's ability to raise sufficient capital tosupport Syndicate 780's underwriting plans for 2006 and the potential foradditional third party support for the Syndicate. Keith Thompson, Chief Operating Officer commented: "We are pleased with Moody's 'B' average rating for Syndicate 780 which webelieve highlights the strength of our business. The 2006 business plans thatwe have submitted reflect our strategy of concentrating on our core lines ofbusiness within a restrictive capacity regime operated by management and wherethe potential for attractive profit margins still exist." 12 July 2005 For further information: Advent Capital HoldingsKeith Thompson Chief Operating Officer Tel: 020 7743 8200 Numis SecuritiesSimon Law Tel: 020 7776 1500 Pelham Public RelationsJames Henderson Tel: 020 7743 6670 Notes: • Advent listed on AIM in June 2005 raising a total of £63 million net of expenses by equity and debt. • The new capital is to be used to provide permanent support for the underwriting on Syndicate 780 for 2006 and onwards • Advent manages and participates on Syndicate 780 through Advent Underwriting Limited (a Lloyd's managing agency) and Advent Capital Limited (a corporate member of Lloyd's) respectively • Advent Underwriting Limited, which was formed in 1975, has operated in the Lloyd's market for thirty years • Over the most recent 10 closed years of account (1993-2002), the Syndicate has returned an average profit of 30.2% (before personal expenses), compared to the Lloyds average of 0.36% over the same period. • Advent's management is led by Brian Caudle (Executive Chairman and Director of Underwriting) and Keith Thompson (Chief Operating Officer) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ADV.L