ADV.L Regulatory News (ADV)

11 Apr 2006 11:31

Advent Capital (Holdings) PLC11 April 2006 Advent Capital (Holdings) PLC ("Advent" or the "Company") Posting of Documents to Shareholders The Company announces it has posted to shareholders a circular giving notice ofits Annual General Meeting ("AGM") together with a form of proxy and theCompany's annual report and accounts for the year to 31 December 2005.. Copies of the above documents are available from the registered office of theCompany (10th Floor, No 1 Minster Court, Mincing Lane, London EC3R 7AA) for aperiod of not less than one month from the date of this announcement. -ends- Enquiries Advent Capital Holdings Keith Thompson Tel: 020 7743 8200 Chief Operating Officer Neil Ewing Tel: 020 7743 8250 Investor Relations and Analysis Pelham Public Relations Charles Vivian Tel: 020 7743 6672 James Henderson Tel: 020 7743 6673 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 property reinsurance and insurance syndicatespecialising in catastrophe business. Notes: Advent Details • Advent listed on AIM in June 2005 and raised a total of £70 million of equity and £40m of debt during its first year. • 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). • Advent Underwriting Limited, which was formed in 1975, has operated in the Lloyd's market for thirty years. • Syndicate 780 has outperformed the Lloyd's market in 27 of the last 29 closed years of account returning an average profit of 18.5% compared with the Lloyd's average of 1.3%. However, Syndicate 780 is expected to underperform the Lloyd's market for the 2004 and 2005 years of account. • Syndicate 780's latest forecast results as at 30 September 2005 were: • 2003 account - profit 25% - 30% of underwriting capacity (total capacity £228 million) • 2004 account - loss 17.5 -22.5 % of underwriting capacity (total capacity £216 million) • 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 Exchange