We have received the following statement from ERS Syndicate Management Limited

Executive Team Changes and Realignment of Underwriting

ERS is on a significant journey to drive down its COR(combined operating ratio) and build a sustainable, profitable business following recent transformation. 

The motor market has been going through major change and has suffered significant disruption caused by the Ogden rate change, amongst other things.  Our ability to write profitable business is key and we are continuing to remediate our book, optimising its quantum and performance.

As part of this we have decided to make some changes to the Underwriting team.

Most notable of these is that Mark Bacon will be leaving ERS after 6 years with the business.  Mark was originally brought into Equity Red Star in 2011 to remediate the book and shake out poor performing business.  Since my arrival in 2013 he has also been a key player in my Exec team as we have worked through the transformation.  We have mutually agreed that the time is right for Mark to move on. He leaves with my thanks and best wishes.

As a result I am pleased to announce that Gina Butterworth will immediately assume the role of Active Underwriter on an interim basis.

ERS will be conducting a full search of the market to find the right active underwriter for the syndicate and it is anticipated that Gina will be the only internal candidate that we put into the process.  We expect to have concluded the search within the next three months”

Argenta Comment: We will be meeting the management team next week to discuss this change and the updated forecasts for 2015 and 2016 and will report further in due course. We would like to thank Mark Bacon for his enthusiasm and drive in restoring the fortunes of Syndicate 218 and also for the time that he has spent with us and our members.