Tarquin, plc

Lloyd's Specialty Lines Underwriter and Managing Agency

In December 1994, IP completed the purchase of Tarquin plc, the holding company for Charman Underwriting Agencies Limited ("CUAL"), a Lloyd's of London managing agency and the formation of a single dedicated "corporate" capital vehicle to support the underwriting activities at a newly formed corporate syndicate ("Syndicate 2488"). Through this transaction, IP developed and received approval from the regulators of Lloyds to create the first dedicated corporate capital vehicle at Lloyds, a structure that has become prevalent today, with corporate capital representing more than 80% of the total capital at Lloyds today. Through CUAL, Tarquin's main activity was to perform the underwriting, claims, accounting and capital-raising functions for Marine Syndicates 488 and 2488, which underwrote energy, hull, marine war, aviation war, pollution liability, aviation, political risks, and other specialty marine and non-marine insurance coverages.