TIDMHUW
RNS Number : 9269O
Hampden Underwriting Plc
26 September 2013
26 September 2013
Hampden Underwriting plc
("Hampden Underwriting" or the "Company")
Interim results for the six months ended 30 June 2013
Hampden Underwriting plc, which provides investors with a
limited liability direct investment into the Lloyd's insurance
market, announces its unaudited results for the six months ended 30
June 2013.
Highlights
-- Premium written during the period totalled GBP7.2m (an
increase of 42% over the same period last year).
-- Net profit of GBP462,000 (compared to a profit of GBP247,000
over the same period last year).
-- Earnings per share of 5.42p (compared to 3.33p over the same period last year).
-- Net assets increased to GBP9.6m from GBP9.1m at 31 December 2012.
Commenting upon these results Chairman, Sir Michael Oliver
said:
"The six months ended 30 June 2013 shows some significantly
improved figures. This has occurred both as a result of good
overall results in the Lloyd's market and the benefit of our
acquisitions of Lloyd's Limited Liability Vehicles, made over the
last few years, delivering a performance commensurate with the
Directors' expectations at the time of purchase."
For further information please contact:
Hampden Underwriting Nigel Hanbury nigel.hanbury@hampdenplc.com
Smith & Williamson Corporate
Finance David Jones 020 7131 4000
Chairman's Statement
The six months ended 30 June 2013 shows some significantly
improved figures. This has occurred both as a result of good
overall results in the Lloyd's market and the benefit of our
acquisitions of Lloyd's Limited Liability Vehicles (LLVs), made
over the last few years, delivering a performance commensurate with
the Directors' expectations at the time of purchase.
Over the comparable period last year, premium written is up 42%
and net profit is up from GBP247,000 to GBP462,000. Earnings per
share stand at 5.42p compared to 3.33p and net assets have
increased to GBP9.6m from GBP9.1m at 31 December 2012.
Our investment portfolio is now invested in long term low
volatility funds which have performed within expected parameters
and more details of this will be set out in our next annual
report.
In July we were able to announce the signing of a quota share
arrangement, in effect a reinsurance of half our 2013 year of
account portfolio in exchange for a fee and a ratcheted performance
based profit commission. This has released GBP4.1m of capital to
HUW which had previously been allocated as Funds at Lloyd's. The
plan is to put this capital back to work with new underwriting
capacity and we are currently negotiating on three possible
acquisitions. We will be actively seeking more should suitable
opportunities present themselves.
There are a number of potentially rewarding uses of our capital
but the acquisition of further LLVs would seem the most attractive
for the time being. As and when we are successful we will make the
appropriate announcements.
Sir Michael Oliver
Non-executive Chairman
25 September 2013
Condensed Consolidated Statement of Comprehensive Income
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
------------------------------------------------ ----- ---------- ---------- -------------
Note GBP'000 GBP'000 GBP'000
------------------------------------------------ ----- ---------- ---------- -------------
Gross premium written 7,158 5,043 9,141
Reinsurance premium ceded (1,634) (1,201) (1,820)
------------------------------------------------ ----- ---------- ---------- -------------
Net premiums written 5,524 3,842 7,321
Change in unearned gross premium
provision (1,626) (1,337) (405)
Change in unearned reinsurance premium
provision 689 565 52
------------------------------------------------ ----- ---------- ---------- -------------
(937) (772) (353)
Net earned premium 2 4,587 3,070 6,968
------------------------------------------------ ----- ---------- ---------- -------------
Net investment income 4 24 204 429
Other underwriting income 26 - -
Other income 110 - 568
------------------------------------------------ ----- ---------- ---------- -------------
160 204 997
------------------------------------------------ ----- ---------- ---------- -------------
Revenue 4,747 3,274 7,965
------------------------------------------------ ----- ---------- ---------- -------------
Gross claims paid (2,855) (2,133) (4,685)
Reinsurance share of gross claims
paid 549 416 930
------------------------------------------------ ----- ---------- ---------- -------------
Claims paid, net of reinsurance (2,306) (1,717) (3,755)
Change in provision for gross claims 4 193 229
Reinsurance share of change in provision
for gross claims (95) (179) 24
------------------------------------------------ ----- ---------- ---------- -------------
Net change in provision for claims (91) 14 253
Net insurance claims and loss adjustment
expenses 2 (2,397) (1,703) (3,502)
------------------------------------------------ ----- ---------- ---------- -------------
Expenses incurred in insurance activities 2 (1,300) (916) (2,743)
Other operating expenses 2 (448) (321) (866)
------------------------------------------------ ----- ---------- ---------- -------------
Operating expenses (1,748) (1,237) (3,609)
Operating profit before tax 2 602 334 854
------------------------------------------------ ----- ---------- ---------- -------------
Income tax expense 5 (140) (87) (91)
Profit attributable to equity shareholders 10 462 247 763
------------------------------------------------ ----- ---------- ---------- -------------
Earnings per share attributable to
equity shareholders
Basic and diluted 6 5.42p 3.33p 9.92p
------------------------------------------------ ----- ---------- ---------- -------------
Condensed Consolidated Statement of Financial Position
At 30 June 2013
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
-------------------------------------------- ----- ---------- ---------- --------------
Note GBP'000 GBP'000 GBP'000
-------------------------------------------- ----- ---------- ---------- --------------
Assets
Intangible assets 1,571 909 1,797
Deferred income tax assets - - -
Reinsurance share of insurance
liabilities
- Reinsurers' share of outstanding
claims 3 3,658 2,702 4,323
- Reinsurers' share of unearned
premiums 3 1,379 992 590
Other receivables, including insurance
receivables 9,285 6,598 9,343
Prepayments and accrued income 1,577 1,045 1,216
Financial assets at fair value 8 19,817 14,091 20,978
Cash and cash equivalents 2,270 3,526 1,444
Total assets 39,557 29,863 39,691
-------------------------------------------- ----- ---------- ---------- --------------
Liabilities
Insurance liabilities
- Claims outstanding 3 17,487 12,853 19,814
- Unearned premiums 3 6,694 4,603 4,624
Deferred income tax liabilities 978 417 938
Other payables, including insurance
payables 4,108 3,814 4,589
Accruals and deferred income 733 444 631
Total liabilities 30,000 22,131 30,596
-------------------------------------------- ----- ---------- ---------- --------------
Shareholders' equity
Share capital 9 853 741 853
Share premium 9 6,996 6,261 6,996
Retained earnings 10 1,708 730 1,246
-------------------------------------------- ----- ---------- ---------- --------------
Total shareholders' equity 9,557 7,732 9,095
-------------------------------------------- ----- ---------- ---------- --------------
Total liabilities and shareholders'
equity 39,557 29,863 39,691
-------------------------------------------- ----- ---------- ---------- --------------
Condensed Consolidated Statement of Cash Flows
Six months ended 30 June 2013
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2013 2012 2012
Cash flow from operating activities Unaudited Unaudited Audited
-------------------------------------------------- ------------ ------------ -------------
GBP'000 GBP'000 GBP'000
-------------------------------------------------- ------------ ------------ -------------
Results of operating activities 602 334 854
Interest received - (15) (27)
Investment income (49) (177) (320)
Goodwill on bargain purchase - - (568)
Impairment of goodwill - - 81
Profit on sale of intangible assets - - 1
Amortisation of intangible assets 226 143 314
Change in fair value of investments 93 2 (128)
Changes in working capital:
(Increase)/decrease in other receivables (303) (173) 2,225
(Decrease)/increase in other payables (479) 772 (1,046)
Net increase in technical provisions (381) (156) (2,991)
Income tax paid (93) - (179)
Net cash (outflow)/inflow from operating
activities (384) 730 (1,784)
-------------------------------------------------- ------------ ------------ -------------
Cash flows from investing activities
Interest received - 15 27
Investment income 49 177 321
Purchase of intangible assets - - (217)
Sale/(purchase) of financial assets
at fair value 1,161 (416) 854
Acquisition of subsidiary, net of cash
acquired - - (828)
Proceeds from disposal of intangible
assets - - 51
Net cash used in investing activities 1,210 (224) 208
-------------------------------------------------- ------------ ------------ -------------
Cash flows from financing activities
Net proceeds from issue of ordinary - - -
share capital
Net cash used in financing activities - - -
-------------------------------------------------- ------------ ------------ -------------
Net increase/(decrease) in cash and
cash equivalents 826 506 (1,576)
Cash and cash equivalents at beginning
of period 1,444 3,020 3,020
Cash, cash equivalents and bank overdrafts
at end of period 2,270 3,526 1,444
-------------------------------------------------- ------------ ------------ -------------
Condensed Statement of Changes in Shareholders' Equity
For the six months ended 30 June 2013
Ordinary Retained
share capital Share Premium Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------- --------------- -------------- ---------- --------
At 1 January 2013 853 6,996 1,246 9,095
Profit for the period attributable
to equity shareholders - - 462 462
At 30 June 2013 853 6,996 1,708 9,557
---------------------------------------- --------------- -------------- ---------- --------
For the six months ended 30 June 2012
Ordinary Retained
share capital Share Premium Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------- --------------- -------------- ---------- --------
At 1 January 2012 741 6,261 483 7,485
Profit for the period attributable
to equity shareholders - - 247 247
At 30 June 2012 741 6,261 730 7,732
---------------------------------------- --------------- -------------- ---------- --------
For the twelve months ended 31 December 2012
Ordinary Retained
share capital Share Premium Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------- --------------- -------------- ---------- --------
At 1 January 2012 741 6,261 483 7,485
Share issue 112 735 - 847
Profit for the year attributable
to equity shareholders - - 763 763
-------------------------------------- --------------- -------------- ---------- --------
At 31 December 2012 853 6,996 1,246 9,095
-------------------------------------- --------------- -------------- ---------- --------
Notes to the Interim Financial Statements
Six months ended 30 June 2013
1. Accounting policies
Basis of preparation
The Condensed Consolidated Interim Financial Statements have
been prepared using accounting policies consistent with
International Financial Reporting Standards (IFRSs) and in
accordance with International Accounting Standard (IAS) 34 Interim
Financial Reporting.
The Condensed Consolidated Interim Financial Statements are
prepared for the six months ended 30 June 2013.
The Condensed Consolidated Interim Financial Statements
incorporate the results of Hampden Underwriting plc, Hampden
Corporate Member Limited, Nameco (No. 365) Limited, Nameco (No.
605) Limited, Nameco (No. 321) Limited, Nameco (No. 917) Limited,
Nameco (No. 229) Limited and Nameco (No. 518) Limited.
The Condensed Consolidated Interim Financial Statements are
unaudited, but have been subject to review by the Group's auditors.
The Interim Financial Statements have been prepared in accordance
with the accounting policies adopted for the year ended 31 December
2012.
The comparative figures are based upon the Group Financial
Statements for the year ended 31 December 2012, and have been
reported on by the Group's auditors and were delivered to the
Registrar of Companies on 27 June 2013.
The underwriting data on which these Condensed Consolidated
Interim Financial Statements are based upon has been supplied by
the managing agents of those syndicates which the Group supports.
The data supplied is the 100% figures for each syndicate. The Group
has applied its share of the syndicate participations to the gross
figures to derive its share of the syndicates transactions, assets
and liabilities.
Significant accounting policies
The Condensed Consolidated Interim Financial Statements have
been prepared under the historical cost convention. The same
accounting policies, presentation and methods of computation are
followed in these Condensed Consolidated Interim Financial
Statements as were applied in the preparation of the Group
Financial Statements for the year ended 31 December 2012. The new
standards and amendments to standards and interpretations effective
after 1 January 2013, as disclosed in the Annual Report for the
year ended 31 December 2012, have not had a significant impact on
the Condensed Consolidated Interim Financial Statements at 30 June
2013.
2. Segmental information
The Group has three primary segments which represent the primary
way in which the Group is managed:
-- Syndicate participation;
-- Investment management;
-- Other corporate activities.
6 months ended 30 June 2013 Syndicate Investment Other corporate
Unaudited participation management activities Total
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------ --------------- ------------ ---------------- -----------
Net earned premium 4,587 - - 4,587
Net investment income 21 3 - 24
Other income - - 136 136
Goodwill on bargain purchase - - - -
Net insurance claims and loss
adjustment expenses (2,397) - - (2,397)
Expenses incurred in insurance
activities (1,300) - - (1,300)
Amortisation of syndicate capacity - - (119) (119)
Other operating expenses (139) - (190) (329)
------------------------------------ --------------- ------------ ---------------- -----------
Results of operating activities 772 3 (173) 602
------------------------------------ --------------- ------------ ---------------- -----------
6 months ended 30 June 2012 Syndicate Investment Other corporate
Unaudited participation management activities Total
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------ --------------- ------------ ---------------- -----------
Net earned premium 3,070 - - 3,070
Net investment income 141 63 - 204
Other income - - - -
Goodwill on bargain purchase - - - -
Net insurance claims and loss
adjustment expenses (1,703) - - (1,703)
Expenses incurred in insurance
activities (916) - - (916)
Amortisation of syndicate capacity - - (87) (87)
Other operating expenses (114) - (120) (234)
------------------------------------ --------------- ------------ ---------------- -----------
Results of operating activities 478 63 (207) 334
------------------------------------ --------------- ------------ ---------------- -----------
12 months ended 31 December Syndicate Investment Other corporate
2012 Audited participation management activities Total
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------ --------------- ------------ ---------------- ------------
Net earned premium 6,968 - - 6,968
Net investment income 405 24 - 429
Other income - - - -
Goodwill on bargain purchase - - 568 568
Net insurance claims and loss
adjustment expenses (3,502) - - (3,502)
Expenses incurred in insurance
activities (2,743) - - (2,743)
Amortisation of syndicate capacity - - (192) (192)
Other operating expenses (303) - (371) (674)
------------------------------------ --------------- ------------ ---------------- ------------
Results of operating activities 825 24 5 854
------------------------------------ --------------- ------------ ---------------- ------------
The Group does not have any geographical segments as it
considers all of its activities to arise from trading within the
UK.
No major customers exceed 10% of revenue.
3. Insurance liabilities and reinsurance balances
Movement in claims outstanding
Gross Reinsurance Net
GBP'000 GBP'000 GBP'000
---------------------- -------- ------------ --------
At 1 January 2013 19,814 4,323 15,491
Movement of reserves (4) (95) 91
Other movements (2,323) (570) (1,753)
---------------------- -------- ------------ --------
At 30 June 2013 17,487 3,658 13,829
---------------------- -------- ------------ --------
Included within other movements are the 2010 and prior years'
claims reserves reinsured into the 2011 year of account and
currency exchange differences.
Movement in unearned premium
Gross Reinsurance Net
GBP'000 GBP'000 GBP'000
---------------------- -------- ------------ --------
At 1 January 2013 4,624 590 4,034
Movement of reserves 1,626 689 937
Other movements 444 100 344
---------------------- -------- ------------ --------
At 30 June 2013 6,694 1,379 5,315
---------------------- -------- ------------ --------
4. Net investment income
6 months 6 months
ended ended 12 months ended
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
----------------------------------------- ----------- ---------- ----------------
GBP'000 GBP'000 GBP'000
----------------------------------------- ----------- ---------- ----------------
Investment income 49 177 320
Realised gains on financial investments
at fair value through income statement 129 - 3
Unrealised (losses)/gains on financial
investments at fair value through
income statement (144) 20 128
Investment management expenses (10) (8) (49)
Bank interest - 15 27
----------------------------------------- ----------- ---------- ----------------
Net investment income 24 204 429
----------------------------------------- ----------- ---------- ----------------
5. Income tax expense
6 months 6 months
ended ended 12 months ended
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------- ---------- ---------- ----------------
Income tax expense (140) (87) (91)
-------------------- ---------- ---------- ----------------
The income tax expense is recognised based on management's best
estimate of the weighted average annual income tax rate expected
for the full financial year. The estimated average annual tax rate
used is 23.25% (2012: 24.50%). Material disallowed items have been
adjusted for in the income tax calculation.
6. Earnings per share
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period.
The Group has no dilutive potential ordinary shares.
Earnings per share have been calculated in accordance with IAS
33.
Reconciliation of the earnings and weighted average number of
shares used in the calculation is set out below.
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- -------------
Profit for the period 462,000 247,000 763,000
-------------------------------------- ---------- ---------- -------------
Weighted average number of shares
in issue 8,526,948 7,413,376 7,691,769
-------------------------------------- ---------- ---------- -------------
Basic and diluted earnings per share
(p) 5.42p 3.33p 9.92p
-------------------------------------- ---------- ---------- -------------
7. Dividends
No equity dividends were proposed, declared or paid in the
period (2012 - GBPNil).
8. Financial assets at fair value
The Group uses the following hierarchy for determining and
disclosing the fair value of financial instruments by valuation
technique:
Level 1: quoted (unadjusted) prices in active markets for
identical assets or liabilities.
Level 2: other techniques for which all inputs which have a
significant effect on the recorded fair value are observable,
either directly or indirectly.
Level 3: techniques which use inputs that have a significant
effect on the recorded fair value that are not based on observable
market data.
As at 30 June 2013, the Group held GBP17,709,000 (31 December
2012: GBP19,275,000) Level 1 Financial Assets and GBP2,108,000 (31
December 2012: GBP1,703,000) Level 2 Financial Assets. The Group
has no level 3 investments (31 December 2012 GBPNil).
9. Share capital and share premium
Ordinary
Share
Capital Share Premium Total
Allotted, called up and fully paid GBP'000 GBP'000 GBP'000
------------------------------------------- --------- -------------- ---------
7,413,376 ordinary shares of 10p each and
share premium at 30 June 2012 741 6,261 7,002
8,526,948 ordinary shares of 10p each and
share premium at 31 December 2012 853 6,996 7,849
8,526,948 ordinary shares of 10p each and
share premium at 30 June 2013 853 6,996 7,849
------------------------------------------- --------- -------------- ---------
10. Retained earnings
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Group
At 1 January 2013 1,246 483 483
Profit attributable to equity shareholders 462 247 763
---------- ---------- ------------
At 30 June 2013 1,708 730 1,246
---------- ---------- ------------
11. Related party transactions
Hampden Underwriting plc has provided inter-company loans to
Hampden Corporate Member Limited, Nameco (No. 365) Limited, Nameco
(No. 605) Limited, Nameco (No. 321) Limited, Nameco (No. 917)
Limited and Nameco (No. 229) Limited ("Corporate Members"), all
100% subsidiaries of the Company. Nameco (No. 518) Limited, a 100%
subsidiary of the Company, has provided inter-company loans to the
Company. Interest is charged on the loans at base rate plus 0.125%.
The loans are repayable on three months' notice provided it does
not jeopardise the ability of the Corporate Members to meet their
liabilities as they fall due. The amounts outstanding as at 30 June
2013 are set out below:
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
Company GBP'000 GBP'000 GBP'000
---------------------------------------- ---------- ---------- ------------
Balances due from/(to) Group companies
at the period end:
Hampden Corporate Member Limited 3,109 3,111 3,537
Nameco (No. 365) Limited 330 346 350
Nameco (No. 605) Limited 1,092 1,100 1,306
Nameco (No. 321) Limited 321 319 350
Nameco (No. 917) Limited 1,449 - 1,431
Nameco (No. 229) Limited 355 - 358
Nameco (No. 518) Limited (163) - -
---------------------------------------- ---------- ---------- ------------
Total 6,493 4,876 7,332
---------------------------------------- ---------- ---------- ------------
The Corporate Members are 100% subsidiaries of the Company and
have entered into a management agreement with Nomina plc. Jeremy
Evans, a Director of Hampden Underwriting plc and the Corporate
Members is also a Director of Nomina plc. Under the agreement,
Nomina plc provides management and administration, financial tax
and accounting services to the Group for an annual fee of GBP2,750
(2012: GBP2,750) per Corporate Member.
The Corporate Members are 100% subsidiaries of the Company and
have entered into a member's agent agreement with Hampden Agencies
Limited. Jeremy Evans, a Director of Hampden Underwriting plc and
the Corporate Members, is also Director of Hampden Capital plc
which controls Hampden Agencies Limited. Under the agreement the
Corporate Members will pay Hampden Agencies Limited a fee based on
a fixed amount, which will vary depending upon the number of
syndicates the Corporate Members underwrite on a bespoke basis, and
a variable amount depending on the level of underwriting through
the members' agent pooling arrangements. In addition, the Corporate
Members will pay profit commission on a sliding scale from 1% of
the net profit up to a maximum of 10%. The total fees payable for
2013 are set out below:
30 June 30 June 31 December
2013 2012 2012
Unaudited Unaudited Audited
Company GBP'000 GBP'000 GBP'000
---------------------------------- ---------- ---------- ------------
Hampden Corporate Member Limited 20 51 51
Nameco (No. 365) Limited 5 9 9
Nameco (No. 605) Limited 15 50 50
Nameco (No. 321) Limited 6 16 16
Nameco (No. 917) Limited 10 - 3
Nameco (No. 229) Limited 6 - 6
Nameco (No. 518) Limited 7 - 23
---------------------------------- ---------- ---------- ------------
Total 69 126 158
---------------------------------- ---------- ---------- ------------
Hampden Underwriting plc has entered into a company secretarial
agreement with Hampden Legal plc. Under the agreement, Hampden
Legal plc provides company secretarial services to the Group for an
annual fee of GBP38,000. During the period, company secretarial
fees of GBP17,500 (2012: GBP17,500) were charged to Hampden
Underwriting plc. Hampden Holdings Limited has a controlling
interest in both Hampden Legal plc and Hampden Capital plc.
The Corporate Members have entered into a quota share
reinsurance arrangement with Hampden Insurance PCC (Guernsey)
Limited - Cell 6. Under this the agreement, the Corporate members
have 50% quota share reinsurance. The Corporate Members in return
charge Hampden Insurance PCC (Guernsey) Limited - Cell 6 a profit
commission fee based on the group's aggregate underwriting profits.
A Fund fee of 1.5% of the security provided by the reinsurer (less
expenses) is also charged by the Corporate Members to Hampden
Insurance PCC (Guernsey) Limited - Cell 6.
12. Syndicate participations
The syndicates and members' agent pooling arrangements ("MAPA")
in which the Company's subsidiaries participate as corporate
members of Lloyd's as are follows:
Allocated capacity
Year of account
Syndicate
or
MAPA Number Managing or Members' Agent 2011 2012 2013
------------- -------------------------------------- ----------- ----------- -----------
33 Hiscox Syndicates Limited 464,465 385,769 385,769
Equity Syndicates Management
218 Limited 363,431 229,285 329,285
386 QBE Underwriting Limited 76,108 86,117 86,117
510 RJ Kiln & Co. Limited 528,155 457,911 457,911
557 RJ Kiln & Co. Limited 327,725 523,590 102,868
570 Atrium Underwriters Limited 181,671 - -
609 Atrium Underwriters Limited 215,723 397,394 397,394
623 Beazley Furlonge Limited 452,631 324,688 340,269
727 S.A. Meacock & Company Limited 69,592 69,592 69,592
807 R.J. Kiln & Co Limited 120,587 - -
Canopius Managing Agency
958 Limited 260,508 335,508 263,615
1176 Chaucer Syndicates Limited - 101,818 201,818
1200 Argo Managing Agency Limited 217,465 197,466 28,551
2010 Cathedral Underwriting Limited 162,690 162,690 162,690
Argenta Syndicate Management
2121 Limited 156,969 156,969 11,691
Managing Agency Partners
2791 Limited 828,338 653,338 653,338
Managing Agency Partners
6103 Limited 110,000 310,000 363,956
6104 Hiscox Syndicates Limited 115,000 315,000 345,000
Ark Syndicate Management
6105 Limited 99,847 99,847 55,439
6106 Amlin Underwriting Limited 140,000 190,000 175,000
6107 Beazley Furlonge Limited 25,000 75,000 10,000
Pembroke Managing Agency
6110 Limited - 314,379 724,541
Catlin Underwriting Agencies
6111 Limited - 292,654 424,537
7200 Members' Agents Pooling Arrangement 295,221 303,635 303,613
7201 Members' Agents Pooling Arrangement 1,532,011 1,556,771 1,556,744
7202 Members' Agents Pooling Arrangement 542,140 552,653 552,629
7203 Members' Agents Pooling Arrangement 59,711 60,610 60,582
7211 Members' Agents Pooling Arrangement 4,627,855 4,751,602 4,751,588
7217 Members' Agents Pooling Arrangement 67,621 67,621 67,620
Total 12,040,464 12,971,907 12,882,157
------------- -------------------------------------- ----------- ----------- -----------
13. Group owned net assets
The Group balance sheet includes the following assets and
liabilities held by the syndicates on which the Group participates.
These assets are subject to trust deeds for the benefit of the
relevant syndicates' insurance creditors. The table below shows the
split of the Group balance sheet between Group and syndicate assets
and liabilities.
30 June 2013 30 June 2012 31 December 2012
Group Syndicate Total Group Syndicate Total Group Syndicate Total
Unaudited Unaudited Audited
--------------------- ------------------------------ ------------------------------ ------------------------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
Assets
Intangible
assets 1,571 - 1,571 909 - 909 1,797 - 1,797
Deferred - - - - - - - - -
income tax
assets
Reinsurance
share of
insurance
liabilities
- Reinsurers'
share of
outstanding
claims - 3,658 3,658 - 2,702 2,702 - 4,323 4,323
- Reinsurers'
share of
unearned
premiums - 1,379 1,379 - 992 992 - 590 590
Other receivables,
including
insurance
receivables 386 8,899 9,285 703 5,895 6,598 490 8,853 9,343
Prepayments
and accrued
income 34 1,543 1,577 27 1,018 1,045 62 1,154 1,216
Financial
assets at
fair value 7,881 11,936 19,817 5,562 8,529 14,091 7,354 13,624 20,978
Cash and
cash equivalents 296 1,974 2,270 2,080 1,446 3,526 697 747 1,444
Total assets 10,168 29,389 39,557 9,281 20,582 29,863 10,400 29,291 39,691
--------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
Liabilities
Insurance
liabilities
- Claims
outstanding - 17,487 17,487 - 12,853 12,853 - 19,814 19,814
- Unearned
premiums - 6,694 6,694 - 4,603 4,603 - 4,624 4,624
Deferred
income tax
liabilities 978 - 978 417 - 417 938 - 938
Other payables,
including
insurance
payables 233 3,875 4,108 737 3,077 3,814 246 4,343 4,589
Accruals
and deferred
income 487 246 733 346 98 444 581 50 631
Current income - - - - - - - - -
tax liabilities
Total liabilities 1,698 28,302 30,000 1,500 20,631 22,131 1,765 28,831 30,596
--------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
Shareholders'
equity
Share capital 853 - 853 741 - 741 853 - 853
Share premium 6,996 - 6,996 6,261 - 6,261 6,996 - 6,996
Retained
earnings 621 1,087 1,708 779 (49) 730 786 460 1,246
--------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
Total shareholders'
equity 8,470 1,087 9,557 7,781 (49) 7,732 8,635 460 9,095
--------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
Total liabilities
and shareholders'
equity 10,168 29,389 39,557 9,281 20,582 29,863 10,400 29,291 39,691
--------------------- -------- ---------- -------- -------- ---------- -------- -------- ---------- --------
14. Announcement
A copy of this announcement will be available on the Company's
website, www.hampdenplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGURUBUPWGMA
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