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Syndicate 2008
Financial Statements
For the Year Ended 31 December 2025
Table of Contents
Directors and administration 1
Report of the directors of the managing agent 3
Statement of managing agent’s directors’ responsibilities 7
Independent auditors’ report to the member of Syndicate 2008 8
Statement of profit or loss and other comprehensive income - Technical
account
12
Statement of profit or loss and other comprehensive income - Non-
technical account
13
Balance sheet - Assets 14
Balance sheet - Liabilities 15
Statement of changes in members’ balances 16
Statement of cash flows 17
Notes to the financial statements (forming part of the financial statements) 18
Table of Contents
Syndicate 2008
Directors and administration
Managing agent
Directors
The directors named below held office for the period 1 January 2025 to 31 December 2025.
M Goddard (Chair and Non-Executive)
K Felisky (Non-Executive)
R Sutlow (Non-Executive)
D Truman
B Dimmock
N Shah (resigned 31 December 2025)
S Hextall
M Heap
N Crossley
Managing agent’s secretary
F Brook
S Hextall
Managing agent’s registered office
8th Floor, One Creechurch Place
London, EC3A 5AY
United Kingdom
Managing agent’s registered number
10595512
Syndicate run-off manager
B Dimmock
Syndicate bankers
Citibank; Barclays; Royal Bank of Canada; Bank of New York
Directors and administration
1 Syndicate 2008
Syndicate investment manager
Goldman Sachs Asset Management Limited
Syndicate independent auditors
PricewaterhouseCoopers LLP
7 More London Riverside
London
SE1 2RT
Syndicate consulting actuary
Lane Clark & Peacock LLP
Directors and administration (continued)
2 Syndicate 2008
Report of the directors of the managing agent
The directors of the managing agent, Enstar Managing Agency Limited (“EMAL”) present
their managing agent’s report for Syndicate 2008 (“the Syndicate”, “S2008”) for the year
ended 31 December 2025.
Principal activities
The principal activity of Syndicate 2008 is to provide finality solutions for The Society of
Lloyd’s (“Lloyd’s”) run-off business through either reinsurance to close (“RITC”), quota share
agreements, adverse development cover (“ADC”) or loss portfolio transfer (“LPT”).
Business review
On 13 January 2025, Syndicate 2008 agreed a ground-up LPT with Atrium Syndicate 609
(“S609”), managed by Atrium Underwriters Limited. The transaction involved S609’s
discontinued portfolios, comprising Marine Treaty Reinsurance, Property Treaty Reinsurance
and US Contractors General Liability.
The transaction completed on 26 February 2025 and S609 ceded net loss reserves of
£136.7m to S2008. The reinsurance relates to business underwritten in the 2023 and prior
years of account.
S2008’s results for the year ended 31 December 2025 and the financial position as at
31 December 2025 and 31 December 2024 are presented in the tables below:
2025 £’000
Net premiums earned 171,442
Total technical charges (162,310)
Technical profit 9,132
Investment return 30,052
Net expenses (32)
Other income and expenses 1,273
Loss on exchange (1,510)
Net profit 38,915
2025
£'000
2024
£'000
Total assets 1,311,359 1,408,196
Total liabilities 1,274,313 1,378,540
Members’ balance 37,046 29,656
S2008’s recorded a £38.9m profit for the period, with investment income being the primary
driver of performance. Total investment returns amounted to £30.1m broken down as interest
and dividends of £19.6m, realised gains of £3.0m, unrealised gains of £8.1m less charges of
£0.6m.
Report of the directors of the managing agent
3 Syndicate 2008
Business review (continued)
The unrealised gains stemmed mostly from Syndicate’s fixed income portfolio and were
largely driven by reductions in interest rates which benefited the Syndicate’s short duration
portfolio. However, these unrealised gains are expected to unwind because the Syndicate’s
bond holdings will pull back to par as they reach maturity.
The technical profit was driven by additional premiums on prior year RITC and LPT
transactions, offset by increases in prior year claims ultimates.
Over the period, a number of factors have impacted the world’s economies. Geo-political
uncertainty driven by conflicts has dampened investor confidence and increased market
volatility. The Trump administration’s imposition of tariffs on trading partners sparked global
trade tensions and the US interest in acquiring Greenland has strained transatlantic relations
adding further unpredictability to markets and international cooperation. Cyber attacks are
becoming increasingly prevalent across the globe with a number of large UK companies
affected during 2025. The directors continue to monitor all macro-economic factors that
could impact the Syndicate and are prepared to respond accordingly.
On 29 July 2024, Enstar Group Limited ("Enstar") entered into an Agreement and Plan of
Merger (the “Merger Agreement”) with Elk Bidco Limited (the “Parent”), an exempted
company limited by shares existing under the laws of Bermuda. The Parent is backed by
equity commitments from investment vehicles managed or advised by affiliates of Sixth
Street Partners, LLC (“Sixth Street”). Pursuant to the Merger Agreement, there was a series
of mergers (collectively, the "Merger") resulting in EMAL surviving the Merger as a wholly
owned subsidiary of the Parent. The Merger closed on 2 July 2025. Following the close of
the transaction, EMAL expects to maintain its current operations and business strategy.
Principal risks and uncertainties
A description of the principal risks and uncertainties facing the Syndicate is set out in note 4
of the financial statements.
Climate risk
The Syndicate specialises in run-off. It is not a live underwriter and does not underwrite new
policies. Exposure to climate-related risks emanates from the acquired insurance liabilities
and the assets that back those liabilities. In assuming future insurance run-off liabilities, as
part of our disciplined due diligence approach, we insist upon informed excellence in risk
selection. This includes consideration of climate-related risk exposures and the impact of
potential concentrations on our existing liabilities, as well as environmental, social and
governance (“ESG”) investment risk exposures in our asset portfolios.
Our Enterprise Risk Management (“ERM”) framework defines the roles and responsibilities
for effective oversight and management of ESG and climate-related risks and opportunities
at the Board and senior management levels.
Climate change presents risks and opportunities to the sustainability of our business. The
Syndicate’s business strategy is exposed to the following risks over the short (<2030),
medium (<2040) and longer (≥2040) term time horizons, across three major types of climate
risk:
Report of the directors of the managing agent
(continued)
4 Syndicate 2008
Principal risks and uncertainties (continued)
Climate risk (continued)
• Physical risks (Short to Longer term): These are the first order risks arising from
weather-related events, such as floods and storms. Their impact may be felt directly
through property damage, or indirectly through subsequent events such as disruption
of global supply chains or resource scarcity. Our operations may also be impacted by
physical risks affecting key supporting infrastructure and/or our outsourced service
providers. The impact and likelihood of this risk is considered low, given our global
presence and the Business Continuity Framework and procedures we have in place.
• Transition risks (Short to Medium Term): These include financial risks deriving from
the transition to a carbon net zero economy, including the potential swift, adverse
repricing of carbon-intensive financial assets. In the near term our investment
portfolio could be exposed to the loss of value in specific investments due to
disruption caused by transitioning to a lower carbon emitting economy. The impact
could increase over time if part of the transition to a greener economy is associated
with increased production costs. Certain sectors could be subject to significant
impairments due to changing consumer demand, the repricing of assets or changing
regulatory requirements. In addition, ongoing geo-political tensions in a number of
global locations have the potential to accelerate these transitional risks through the
need to diversify existing energy sources, including increased investment in energy
derived from more sustainable sources.
• Liability risks (Short to Medium Term): These include third-party exposures such as
claimants who have suffered climate-change related losses and damage and are
seeking compensation. Liability risks also include the unknown and potentially high
costs of dealing with losses or damage from physical or transition risk factors.
Liability risks are particularly high for those directors and officers who do not properly
manage and report climate-related risks and commit errors and omissions.
As we acquire liabilities, there is a risk that our current practices and processes do not
successfully identify and/or price the risks arising from climate change resulting in actual
returns deviating adversely from those assumed when the transaction was priced.
Many of our underlying portfolios contain lines of business that could, at the industry-wide
level, be exposed to significant climate change risk (e.g., Environmental claims, Professional
Lines, etc.). The Syndicate’s business model involves acquiring and efficiently settling legacy
claims, we do not underwrite new exposures.
In order to quantify the financial impact of risks/opportunities brought about by the climate-
related risks set out above, we undertake regular climate risk scenario analysis to quantify
the potential impact on both our assets and liabilities. Our latest scenario testing exercise,
conducted in late 2025 and early 2026, indicated that the impact of physical, transition and
liability risks on the Syndicate remains relatively low. Whilst the stress testing did not indicate
that any immediate action was required, we will continue to monitor our exposure to climate-
related physical, transition and liability risks.
Report of the directors of the managing agent
(continued)
5 Syndicate 2008
Going concern
The directors have performed an assessment of the Syndicate’s ability to continue as a
going concern and concluded that the Syndicate has sufficient financial resources to meet its
future obligations.
The directors believe that the Syndicate is well positioned to manage its business risks
successfully in the current economic environment. It has a mature portfolio of insurance risk
managed by an experienced and stable team. The directors have continued to review the
business plans, liquidity and operational resilience of the Syndicate during the year.
Directors
The current directors of the managing agent are set out on page one. None of the directors
participates directly on the Syndicate.
Future developments
The intention of the Board is to continue to pursue reinsurance opportunities and other
Lloyd's closure solutions as they arise, and to manage the ongoing liabilities of the Syndicate
as economically and efficiently as possible.
Disclosure of information to auditors
The directors of the managing agent who held office at the date of approval of this managing
agent’s report confirm that, as far as they are each aware, there is no relevant audit
information of which the Syndicate’s auditors are unaware; and each director has taken all
the steps that they ought to have taken in their capacity as a director to make themselves
aware of any relevant audit information and to establish that the Syndicate’s auditors are
aware of that information.
Auditors
Pursuant to Section 14(2) of Schedule 1 of the Insurance Accounts Directive (Lloyd’s
Syndicate and Aggregate Accounts) (the 2008 Regulations), the auditors will be deemed to
be reappointed and PricewaterhouseCoopers LLP will therefore continue in office.
Syndicate meeting
The managing agent confirms that it does not propose to hold an annual general meeting of
the member of the Syndicate.
B Dimmock
Director
For and on behalf of the Board
19 February 2026
Report of the directors of the managing agent
(continued)
6 Syndicate 2008
Statement of managing agent’s directors’ responsibilities
The Directors of the managing agent are responsible for preparing the Syndicate accounts in
accordance with applicable law and regulations.
The Insurance Accounts Directive (Lloyds’s Syndicate and Aggregate Accounts) (the 2008
Regulations) require the directors of the managing agent to prepare their Syndicate’s annual
accounts at 31 December each year in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law), including
Financial Reporting Standard 102 “The Financial Reporting Standard Applicable in the UK
and Republic of Ireland” (“FRS 102”), and Financial Reporting Standard 103 Insurance
Contracts (“FRS 103”). The Syndicate annual accounts are required by law to give a true
and fair view of the state of affairs of the Syndicate at that date and of its profit or loss for
that year.
In preparing the Syndicate’s annual accounts, these annual accounts, the directors of the
managing agent are required to:
• select suitable accounting policies and then apply them consistently;
• state whether applicable United Kingdom Accounting Standards have been followed,
subject to any material departures disclosed and explained in the annual accounts;
• make judgements and accounting estimates that are reasonable and prudent; and
• prepare the annual accounts on the going concern basis unless it is intended for the
Syndicate to cease operations, or has no realistic alternative but to do so.
The directors of the managing agent are responsible for keeping adequate accounting
records that are sufficient to show and explain the Syndicate’s transactions and disclose with
reasonable accuracy at any time the financial position of the Syndicate and enable them to
ensure that the Syndicate annual accounts comply with the Insurance Accounts Directive
(Lloyd’s Syndicate and Aggregate Accounts) (the 2008 Regulations). They are also
responsible for safeguarding the assets of the Syndicate and hence for taking reasonable
steps for prevention and detection of fraud and other irregularities.
The directors of the managing agent are responsible for the preparation and review of the
iXBRL tagging that has been applied to the Syndicate Accounts in accordance with the
instructions issued by Lloyd’s, including designing, implementing and maintaining systems,
processes and internal controls to result in tagging that is free from material non-compliance
with the instructions issued by Lloyd’s, whether due to fraud or error.
The directors are responsible for the maintenance and integrity of the company’s website.
Legislation in the United Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
B Dimmock
Director
For and on behalf of the Board
19 February 2026
Statement of managing agent’s directors’
responsibilities
7 Syndicate 2008
Independent auditors’ report to the member of Syndicate 2008
Report on the audit of the syndicate annual accounts
Opinion
In our opinion, 2008’s syndicate annual accounts:
• give a true and fair view of the state of the syndicate’s affairs as at 31 December
2025 and of its profit and cash flows for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The
Financial Reporting Standard applicable in the UK and Republic of Ireland”, and
applicable law); and
• have been prepared in accordance with the requirements of The Insurance Accounts
Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and the
requirements within the Lloyd’s Syndicate Accounts Instructions V3.1 as modified by
the Frequently Asked Questions issued by Lloyd’s V1.1 (“the Lloyd’s Syndicate
Instructions”).
We have audited the syndicate annual accounts included within the Financial Statements
(the “Annual Report”), which comprise: the balance sheet as at 31 December 2025; the
statement of profit or loss and other comprehensive income - technical account, the
statement of profit or loss and other comprehensive income - non-technical account, the
statement of cash flows, and the statement of changes in members’ balances for the year
then ended; and the notes to the syndicate annual accounts, which include a description of
the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs
(UK)”), The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts)
Regulations 2008, the Lloyd’s Syndicate Instructions and applicable law. Our responsibilities
under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the
syndicate annual accounts section of our report. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the syndicate in accordance with the ethical requirements that
are relevant to our audit of the syndicate annual accounts in the UK, which includes the
FRC’s Ethical Standard, as applicable to other entities of public interest, and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the
FRC’s Ethical Standard were not provided.
Other than those disclosed in note 6, we have provided no non-audit services to the
syndicate in the period under audit.
Conclusions relating to going concern
Based on the work we have performed, we have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt on
the syndicate’s ability to continue as a going concern for a period of at least twelve months
from when the syndicate annual accounts are authorised for issue.
Independent auditors’ report to the member of
Syndicate 2008
8 Syndicate 2008
In auditing the syndicate annual accounts, we have concluded that the Managing Agent’s
use of the going concern basis of accounting in the preparation of the syndicate annual
accounts is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not
a guarantee as to the syndicate's ability to continue as a going concern.
Our responsibilities and the responsibilities of the Managing Agent with respect to going
concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the
syndicate annual accounts and our auditors’ report thereon. The Managing Agent is
responsible for the other information. Our opinion on the syndicate annual accounts does not
cover the other information and, accordingly, we do not express an audit opinion or, except
to the extent otherwise explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the syndicate annual accounts, our responsibility is to read
the other information and, in doing so, consider whether the other information is materially
inconsistent with the syndicate annual accounts or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. If we identify an apparent material
inconsistency or material misstatement, we are required to perform procedures to conclude
whether there is a material misstatement of the syndicate annual accounts or a material
misstatement of the other information. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report based on these responsibilities.
With respect to the Report of the directors of the managing agent
(the “Managing Agent’s
Report”), we also considered whether the disclosures required by The Insurance Accounts
Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 have been included.
Based on our work undertaken in the course of the audit, The Insurance Accounts Directive
(Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 requires us also to report
certain opinions and matters as described below.
Managing Agent’s Report
In our opinion, based on the work undertaken in the course of the audit, the information
given in the Managing Agent’s Report for the year ended 31 December 2025 is consistent
with the syndicate annual accounts and has been prepared in accordance with applicable
legal requirements.
In light of the knowledge and understanding of the syndicate and its environment obtained in
the course of the audit, we did not identify any material misstatements in the Managing
Agent’s Report.
Responsibilities for the syndicate annual accounts and the audit
Responsibilities of the Managing Agent for the syndicate annual accounts
As explained more fully in the Statement of managing agent’s directors’ responsibilities, the
Managing Agent is responsible for the preparation of the syndicate annual accounts in
accordance with the applicable framework and for being satisfied that they give a true and
fair view. The Managing Agent is also responsible for such internal control as they determine
is necessary to enable the preparation of syndicate annual accounts that are free from
material misstatement, whether due to fraud or error.
Independent auditors’ report to the member of
Syndicate 2008 (continued)
9 Syndicate 2008
In preparing the syndicate annual accounts, the Managing Agent is responsible for assessing
the syndicate’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless it is
intended for the syndicate to cease operations, or it has no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the syndicate annual accounts
Our objectives are to obtain reasonable assurance about whether the syndicate annual
accounts as a whole are free from material misstatement, whether due to fraud or error, and
to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these syndicate annual accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
design procedures in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the syndicate and industry, we identified that the principal
risks of non-compliance with laws and regulations related to breaches of regulatory
principles, such as those governed by the Prudential Regulation Authority and the Financial
Conduct Authority, and those regulations set by the Council of Lloyd’s, and we considered
the extent to which non-compliance might have a material effect on the syndicate annual
accounts. We also considered those laws and regulations that have a direct impact on the
syndicate annual accounts such as The Insurance Accounts Directive (Lloyd’s Syndicate and
Aggregate Accounts) Regulations 2008 and the Lloyd’s Syndicate Instructions. We evaluated
management’s incentives and opportunities for fraudulent manipulation of the syndicate
annual accounts (including the risk of override of controls), and determined that the principal
risks were related to management override of controls, including the potential for
management bias in significant accounting estimates and judgemental areas, particularly in
relation to claims outstanding and the posting of inappropriate journals. Audit procedures
performed by the engagement team included:
• Discussions with management, internal audit and the syndicate’s compliance
function, including consideration of known or suspected instances of non-compliance
with laws and regulation and fraud;
• Inspection of relevant board and committee meeting minutes and correspondence
with regulatory authorities, including Lloyd’s of London and the Prudential Regulatory
Authority;
• Challenging assumptions and judgements made by management when determining
their significant accounting estimates, in particular in relation to valuation of the IBNR
component of claims outstanding;
• Identifying and testing journal entries identified as potential indicators of fraud; and
• Designing audit procedures to incorporate unpredictability around the nature, timing
or extent of our testing.
There are inherent limitations in the audit procedures described above. We are less likely to
become aware of instances of non-compliance with laws and regulations that are not closely
related to events and transactions reflected in the syndicate annual accounts. Also, the risk
of not detecting a material misstatement due to fraud is higher than the risk of not detecting
Independent auditors’ report to the member of
Syndicate 2008 (continued)
10 Syndicate 2008
one resulting from error, as fraud may involve deliberate concealment by, for example,
forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the syndicate annual accounts is
located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description
forms part of our auditors’ report.
A further description of our responsibilities for the audit of the syndicate annual accounts is
located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description
forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the syndicate’s
member in accordance with part 2 of The Insurance Accounts Directive (Lloyd’s Syndicate
and Aggregate Accounts) Regulations 2008 and for no other purpose. We do not, in giving
these opinions, accept or assume responsibility for any other purpose or to any other person
to whom this report is shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
Other required reporting
Under The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts)
Regulations 2008 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the Managing Agent in respect
of the syndicate; or
• certain disclosures of Managing Agent remuneration specified by law are not made;
or
• the syndicate annual accounts are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility.
Other matter
We draw attention to the fact that this report may be included within a document to which
iXBRL tagging has been applied. This auditors’ report provides no assurance over whether
the iXBRL tagging has been applied in accordance with section 2 of the Lloyd’s Syndicate
Instructions V3.1.
Deepti Vohra (Senior statutory auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
19 February 2026
Independent auditors’ report to the member of
Syndicate 2008 (continued)
11 Syndicate 2008
Statement of profit or loss and other comprehensive income - Technical account
Technical account – General business
For the year ended 31 December 2025
Note
2025
£'000
2024
£'000
Gross premiums written 5 175,129 3,613
Outwards reinsurance premiums (4,880 ) (15,519 )
Premiums written, net of reinsurance 170,249 (11,906 )
Changes in unearned premium
18
Change in the gross provision for unearned premiums 2,624 4,518
Change in the provision for unearned premiums
reinsurers’ share (1,431 ) (2,145 )
Net change in provisions for unearned premiums 1,193 2,373
Earned premiums, net of reinsurance 171,442 (9,533 )
Allocated investment return transferred from the non-
technical account 9 30,052 28,239
Claims paid
18
Gross amount (230,122 ) (295,724 )
Reinsurers’ share 84,031 127,328
Net claims paid (146,091 ) (168,396 )
Change in the provision for claims 18
Gross amount (5,704 ) 348,660
Reinsurers’ share (10,623 ) (141,583 )
Net change in provisions for claims (16,327 ) 207,077
Claims incurred, net of reinsurance (162,418 ) 38,681
Changes in other technical provisions, net of
reinsurance, not shown under other headings
Other technical provisions, net of reinsurance 108 283
Net change in other technical provisions 108 283
Net operating expense 6 (32 ) (19,261 )
Balance on the technical account – general
business/long-term business 39,152 38,409
All operations relate to continuing activities.
The notes on pages 18 to 54 form an integral part of these financial statements.
Statement of profit or loss and other comprehensive
income - Technical account
12 Syndicate 2008
Statement of profit or loss and other comprehensive income - Non-technical account
Non-technical account - General business
For the year ended 31 December 2025
Note
2025
£'000
2024
£'000
Balance on the technical account – general
business 39,152 38,409
Investment income 9 19,615 16,915
Realised gains on investments 9 2,953 16,957
Unrealised gains/(losses) on investments 9 8,051 (5,220 )
Investment expenses and charges 9 (567 ) (413 )
Total investment return 30,052 28,239
Allocated investment return transferred to the general
business technical account (30,052 ) (28,239 )
(Loss)/gain on foreign exchange (1,510 ) 917
Other income 1,273 826
Profit for the financial year 38,915 40,152
Total comprehensive income for the year 38,915 40,152
All operations relate to continuing activities.
There are no items of other comprehensive income in the accounting period, therefore no
statement of comprehensive income has been presented.
The notes on pages 18 to 54 form an integral part of these financial statements.
Statement of profit or loss and other comprehensive
income - Non-technical account
13 Syndicate 2008
Balance sheet - Assets
Assets
As at 31 December 2025 and 31 December 2024
Note
2025
£'000
2024
£'000
Financial investments 11 744,008 767,743
Deposits with ceding undertakings 4,605 68,102
Investments 748,613 835,845
Provision for unearned premiums 1,886 3,276
Claims outstanding 435,007 453,064
Reinsurers’ share of technical provisions 18 436,893 456,340
Debtors arising out of direct insurance operations 12 31,572 3,611
Debtors arising out of reinsurance operations 13 7,490 8,287
Other debtors 14 66,826 77,063
Debtors 105,888 88,961
Cash at bank and in hand 13,081 19,593
Other assets 1,597 —
Other assets 14,678 19,593
Accrued interest and rent 4,166 5,285
Deferred acquisition costs 15 1,062 1,875
Other prepayments and accrued income 59 297
Prepayments and accrued income 5,287 7,457
Total assets 1,311,359 1,408,196
The notes on pages 18 to 54 form an integral part of these financial statements.
Balance sheet -
14 Syndicate 2008
Balance sheet - Liabilities
Liabilities
As at 31 December 2025 and 31 December 2024
Note | 2025 £'000 | 2024 £'000 | |
| Members’ balances | | | |
| Total capital and reserves | | | |
| Provision for unearned premiums | | | |
| Claims outstanding | | | |
| Technical provisions | 18 | | |
| Deposits received from reinsurers | | | |
| Creditors arising out of direct insurance operations | 21 | | |
| Creditors arising out of reinsurance operations | 22 | | |
| Other creditors including taxation and social security | 23 | | |
| Creditors | | | |
| Accruals and deferred income | | | |
| Total liabilities | | ||
| Total liabilities, capital and reserves | | |
The notes on pages 18 to 54 form an integral part of these financial statements.
The Syndicate’s financial statements on pages 12 to 54 were approved by the Board of
Enstar Managing Agency Limited on 17 February 2026 and were signed on its behalf by:
B Dimmock
Director
19 February 2026
Balance sheet - Liabilities (continued)
15 Syndicate 2008
Statement of changes in members’ balances
As at 31 December 2025 and 31 December 2024
2025
£'000
2024
£'000
Members’ balances brought forward at 1 January 29,656 (36,022 )
Total comprehensive income for the year 38,915 40,152
Payments of profit to members’ personal reserve funds (31,525 ) —
Losses collected in relation to distribution on closure of
underwriting year — 25,526
Members’ balances carried forward at 31 December 37,046 29,656
The notes on pages 18 to 54 form an integral part of these financial statements.
Members participate on Syndicates by reference to years of account and their ultimate
result, assets and liabilities are assessed with reference to policies incepting in that year of
account in respect of their membership of a particular year.
During 2025 the Syndicate made a £31.5m distribution (2024: £25.5m cash call) to its
member, SGL No. 1 Limited (“SGL1”).
Statement of changes in members’ balances
16 Syndicate 2008
Statement of cash flows
For the year ended 31 December 2025 and 31 December 2024
Note
2025
£'000
2024
£'000
(24,648 ) (364,765 )
(16,927 ) 27,209
(27,330 ) 9,909
(51,856 ) (85,040 )
(180 ) 69,726
(30,052 ) (28,239 )
(72,926 ) (168,029 )
(286,785 ) (127,448 )
(31,525 ) —
(31,525 ) 25,526
Cash flows from operating activities
Profit for the financial year
Adjustments:
Decrease in gross technical provisions
Decrease in reinsurers’ share of gross
technical provisions
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Decrease in deposits received from reinsurers
Movement in other assets/liabilities
Investment return
Foreign exchange
Net cash flows from operating activities
Cash flows from investing activities
Purchase of equity and debt instruments
Sale of equity and debt instruments
Investment income received
Other
Net cash flows from investing activities
Cash flows from financing activities
Distribution of profit
Collection of losses
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year 42,849 28,857
Foreign exchange on cash and cash equivalents (653 ) (1,544 )
Cash and cash equivalents at the end of the year 24 90,752 42,849
The notes on pages 18 to 54 form an integral part of these financial statements.
Statement of cash flows
17 Syndicate 2008
Notes to the financial statements (forming part of the financial statements)
1. Basis of preparation
The financial statements have been prepared using the annual basis of accounting as
required by Statutory Instrument No. 1950 of 2008, the Insurance Accounts Directive (Lloyd’s
Syndicate and Aggregate Accounts) (the 2008 Regulations) and applicable United Kingdom
Accounting Standards (UK Generally Accepted Accounting Practice), including Financial
Reporting Standard 102, “The Financial Reporting Standard applicable in the United
Kingdom and Republic of Ireland” and Financial Reporting Standard 103 in relation to
insurance contracts and the Lloyd’s Syndicate Accounts Instructions Version 3.1 as modified
by the Frequently Asked Questions v1.1 issued by Lloyd’s.
The financial statements have been prepared on the historical cost basis, except for financial
assets at fair value through profit or loss that are measured at fair value.
The financial statements are presented in Pound Sterling (“GBP”), which is the Syndicate’s
functional currency. All amounts have been rounded to the nearest thousand, unless
otherwise indicated.
The managing agent has prepared the financial statements on the expectation that
continued capital support will be in place such that the Syndicate will continue to write new
reinsurance business in future underwriting years of account.
Going concern
The Syndicate has financial resources to meet its financial needs and manages its portfolio
of insurance risk. The directors have continued to review the business plans, liquidity and
operational resilience of the Syndicate and are satisfied that the Syndicate is well positioned
to manage its business risks in the current economic environment. The Syndicate has
sufficient capital for each year of account in its Funds at Lloyd’s (“FAL”) and there is
additional capital available in the corporate member. There is no intention to cease
underwriting or cease the operations of the Syndicate.
Accordingly, the directors of the Managing Agent continue to adopt the going concern basis
in preparing the annual report and financial statements.
2. Use of judgements and estimates
In preparing these financial statements, the directors of the managing agent have made
judgements, estimates and assumptions that affect the application of the Syndicate’s
accounting policies and the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. The
following critical judgements have been made in applying the Syndicate’s accounting
policies.
The measurement of the provision for claims outstanding involves judgments and
assumptions about the future that have the most significant effect on the amounts
recognised in the financial statements.
Notes to the financial statements (forming part of
the financial statements)
18 Syndicate 2008
2. Use of judgements and estimates (continued)
The provision for claims outstanding comprises the estimated cost of settling all claims
incurred but unpaid at the balance sheet date, whether reported or not. This is a judgmental
and complex area due to the subjectivity inherent in estimating the impact of claims events
that have occurred but for which the eventual outcome remains uncertain. In particular,
judgment is applied when estimating the value of amounts that should be provided for claims
that have been incurred at the reporting date but have not yet been reported (“IBNR”) to the
Syndicate.
The amount included in respect of IBNR is based on statistical techniques of estimation
applied by the Syndicate managing agent’s in-house actuaries and is reviewed by external
consulting actuaries. These techniques generally involve projecting from past experience the
development of claims over time in view of the likely ultimate claims to be experienced. The
provision for claims also includes amounts in respect of internal and external claims handling
costs.
Further information about the risk that the provision for claims outstanding could be
materially different from the ultimate cost of claims settlement is included in note 4.
3. Significant accounting policies
The following principal accounting policies have been applied consistently in dealing with
items which are considered material in relation to the Syndicate’s financial statements.
A. Premiums written
Premiums written comprise the reinsurance to close and loss portfolio transfer premiums on
contracts incepted during the financial year as well as adjustments made in the year to
premiums written in prior accounting periods by the reinsured Syndicates. Premiums exclude
taxes and duties levied on them.
B. Unearned premiums
Written premiums are recognised as earned according to the risk profile of the policy.
Unearned premiums represent the proportion of premiums written that relate to unexpired
terms of policies in force at the balance sheet date, calculated on the basis of established
earnings patterns or time apportionment as appropriate.
C. Acquisition costs
Costs incurred in acquiring general insurance contracts are deferred. Acquisition costs
include direct costs such as brokerage and commission, and indirect costs such as
administrative expenses connected with the processing of proposals and the issuing of
policies. The deferred acquisition cost asset represents the proportion of acquisition costs
which corresponds to the proportion of gross premiums written that is unearned at the
balance sheet date.
Notes (continued)
19 Syndicate 2008
3. Significant accounting policies (continued)
D. Claims provisions and related recoveries
Claims incurred comprise claims and claims handling expenses (both internal and external)
paid in the year and the movement in provision for outstanding claims and settlement
expenses.
Outstanding claims include an allowance for the cost of claims incurred by the balance sheet
date but not reported until after the year end (IBNR). The calculation of IBNR involves
projecting the development of claims from past experience to form a view of the likely
ultimate claims to be incurred. The key sensitivities in this calculation are the choices of
development patterns and loss ratios. The most critical assumption in regard to claims
provisions is that the past is a reasonable predictor of the likely level of claims development
in the future.
Outstanding claims also includes a provision for all claims handling expenses to cover the
anticipated future costs of negotiating and settling claims which have been incurred, whether
reported or not, up to the reporting date. The provision is estimated using forecast expenses
and claims development patterns.
Anticipated salvage and subrogation and other recoveries are recognised as other assets.
The reinsurers’ share of provisions for claims is based on calculated amounts of outstanding
claims and projections for IBNR, net of estimated irrecoverable amounts, having regard to
the reinsurance programme in place for the class of business, the claims experience for the
year and the current security rating of the reinsurance companies involved. A number of
statistical techniques are used to assist in making these estimates.
Reinsurance assets are assessed for impairment at each balance sheet date. A reinsurance
asset is deemed impaired if there is objective evidence, as a result of an event that occurred
after its initial recognition, that the Syndicate may not recover all amounts due, and that
event has a reliably measurable impact on the amount that the Syndicate will receive from
the reinsurer. Impairment losses are recognised in profit or loss in the period in which the
impairment loss is recognised.
E. Unexpired risks provision
Provision is made for unexpired risks arising from general insurance contracts where the
expected value of claims and expenses attributable to the unexpired periods of policies in
force at the balance sheet date exceeds the unearned premiums provision in relation to such
policies (after the deduction of any deferred acquisition costs). The provision for unexpired
risks is calculated by reference to classes of business which are managed together.
F. Foreign currencies
The Syndicate has adopted Pounds Sterling as both its presentational and functional
currency. As such, no differences arise on conversion between the two. This achieves
consistency with prior year reporting.
Transactions in foreign currencies are translated to the functional currency using the average
rates of exchange for the period.
Notes (continued)
20 Syndicate 2008
3. Significant accounting policies (continued)
F. Foreign currencies (continued)
The Syndicate’s monetary assets and liabilities denominated in foreign currencies are
translated into the functional currency at the rates of exchange at the balance sheet position
date. For the purposes of foreign currency translation, unearned premiums and deferred
acquisition costs are treated as if they are monetary items.
Differences arising on translation of foreign currency amounts relating to the insurance
operations of the Syndicate are included in the non-technical account.
G. Financial assets and liabilities
In applying FRS 102, the Syndicate has chosen to apply the recognition and measurement
provisions of IAS 39 Financial Instruments: Recognition and Measurement (as adopted for
use in the UK).
i. Classification
The accounting classification of financial assets and liabilities determines the way in which
they are measured and changes in those values are presented in the Statement of profit or
loss. Financial assets and liabilities are classified on their initial recognition. Subsequent
reclassifications are permitted only in restricted circumstances.
Financial assets and financial liabilities at fair value through profit and loss comprise financial
assets and financial liabilities held for trading and those designated as such on initial
recognition. Investments in shares and other variable yield securities, units in unit trusts, and
debt and other fixed income securities are designated as at fair value through profit or loss
on initial recognition, as they are managed on a fair value basis in accordance with the
Syndicate’s investment strategy.
Deposits with credit institutions, debtors, and accrued interest are classified as loans and
receivables.
ii. Recognition
Financial instruments are recognised when the Syndicate becomes a party to the contractual
provisions of the instrument. Financial assets are derecognised if the Syndicate‘s contractual
rights to the cash flows from the financial assets expire or if the Syndicate transfers the
financial asset to another party without retaining control of substantially all risks and rewards
of the asset. A financial liability is derecognised when its contractual obligations are
discharged, cancelled, or expire.
Regular way purchases and sales of financial assets are recognised and derecognised, as
applicable, on the trade date, i.e. the date that the Syndicate commits itself to purchase or
sell the asset.
iii. Measurement
A financial asset or financial liability is measured initially at fair value plus, for a financial
asset or financial liability not at fair value through profit and loss, transaction costs that are
directly attributable to its acquisition or issue.
Notes (continued)
21 Syndicate 2008
3. Significant accounting policies (continued)
G. Financial assets and liabilities (continued)
iii. Measurement (continued)
Financial assets at fair value through profit or loss are measured at fair value with fair value
changes recognised immediately in the Statement of profit or loss. Net gains or net losses on
financial assets measured at fair value through profit or loss includes foreign exchange
gains/losses arising on their translation to the functional currency but excludes interest and
dividend income.
Loans and receivables and non-derivative financial liabilities are measured at amortised cost
using the effective interest method.
iv. Identification and measurement of impairment
At each reporting date the Syndicate assesses whether there is objective evidence that
financial assets not at fair value through profit or loss are impaired. Financial assets are
impaired when objective evidence demonstrates that a loss event has occurred after the
initial recognition of an asset, and that the loss event has an impact on the future cash flows
on the asset that can be estimated reliably.
Objective evidence that financial assets are impaired includes observable data that comes to
the attention of the Syndicate about any significant financial difficulty of the issuer, or
significant changes in the technological, market, economic or legal environment in which the
issuer operates.
An impairment loss in respect of a financial asset measured at amortised cost is calculated
as the difference between its carrying amount, and the present value of the estimated future
cash flows discounted at the asset’s original effective interest rate.
Individually significant financial assets are tested for impairment on an individual basis. The
remaining financial assets are assessed collectively in groups that share similar credit risk
characteristics.
An impairment loss recognised reduces directly the carrying amount of the impaired asset.
All impairment losses are recognised in the Statement of profit or loss. An impairment loss is
reversed if the reversal can be related objectively to an event occurring after the impairment
loss was recognised. For financial assets measured at amortised cost the reversal is
recognised in the Statement of profit or loss.
v. Off-setting
Financial assets and financial liabilities are set off and the net amount presented in the
balance sheet when, and only when, the Syndicate currently has a legal right to set off the
amounts and intends either to settle on a net basis or to realise the asset and settle the
liability simultaneously.
Notes (continued)
22 Syndicate 2008
3. Significant accounting policies (continued)
H. Investment return
Investment income comprises interest income, dividends receivable and realised investment
gains. Investment return comprises investment income and movements in unrealised gains
and losses on financial instruments at fair value through profit or loss, less investment
management expenses, interest payable, realised losses and impairment losses.
Dividend income is recognised when the right to receive income is established. Usually this
is the ex-dividend date for equity securities. Interest income on financial assets measured at
amortised cost is recognised using the effective interest method. For the purpose of
separately presenting investment income and unrealised gains and losses for financial
assets at fair value through profit or loss, interest income is recognised as it accrues on the
next coupon payment.
For investments at fair value through profit or loss, realised gains and losses represent the
difference between the net proceeds on disposal and the purchase price. For investments
measured at amortised cost, realised gains and losses represents the difference between
the net proceeds on disposal and the latest carrying value (or if acquired after the last
reporting date, the purchase price).
Unrealised gains and losses on investments represent the difference between the fair value
at the balance sheet date and their purchase price. Movements in unrealised investment
gains and losses comprise the increase/decrease in the reporting period in the value of the
investments held at the reporting date and the reversal of unrealised investment gains and
losses recognised in earlier reporting periods in respect of investment disposals in the
current period, or the valuation at the beginning of the year; as well as the reversal of
previously recognised unrealised gains and losses in respect of investment disposed of in
the current period.
Investment return is initially recorded in the non-technical account. The return is transferred
in full to the general business technical account to reflect the investment return on funds
supporting underwriting business.
I. Deposits with ceding undertakings
Deposits with ceding undertakings are funds retained by ceding (re)insurers and those held
by Lloyd’s Brussels on behalf of the Syndicate to settle Part VII claims. These funds are held
at amortised cost in the balance sheet.
J. Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with maturities of three
months or less from the acquisition date that are subject to an insignificant risk of changes in
fair value and are used by the Syndicate in the management of its short-term commitments.
Cash and cash equivalents are carried at amortised cost in the balance sheet.
Notes (continued)
23 Syndicate 2008
3. Significant accounting policies (continued)
K. Taxation
Under Schedule 19 of the Finance Act 1993 managing agents are not required to deduct
basic rate income tax from trading income. In addition, all UK basic rate income tax
(currently at 20%) deducted from Syndicate investment income is recoverable by managing
agents and consequently the distribution made to members or their members’ agents is
gross of tax. Capital appreciation falls within trading income and is also distributed gross of
tax.
No provision has been made for any United States Federal Income Tax payable on
underwriting results or investment earnings. Any payments on account made by the
Syndicate during the year have been included in the balance sheet under the heading ‘other
debtors’.
No provision has been made for any other overseas tax payable by members on
underwriting results.
L. Pension costs
Enstar (EU) Limited, which employs the staff utilised by EMAL, operates a defined
contribution pension scheme. Pension costs relating to staff performing Syndicate duties are
charged to the Syndicate and included within “net operating expenses”.
M. Deposits received from reinsurers
Deposits received from reinsurers includes other amounts received in advance from
reinsurers against future claims under the Syndicate’s reinsurance arrangements. These
funds are held at amortised cost in the balance sheet.
N. Operating expenses
Where expenses are incurred by the managing agent for the administration of the Syndicate,
these expenses are apportioned appropriately based on type of expense. Expenses that are
incurred jointly are apportioned between the managing agent and the Syndicate on bases
depending on the amount of work performed, resources used, and the volume of business
transacted.
O. Reinsurers’ commission and profit participation
Reinsurers’ commissions and profit participations, which include reinsurance profit
commission and overriding commission, are treated as a contribution to expenses.
P. Debtors and creditors
Insurance debtors and creditors include amounts due to and from agents, brokers and
insurance contract holders. These are classified as debt instruments as they are
non-derivative financial assets with fixed or determinable payments that are not quoted on
an active market. Insurance debtors are measured at amortised cost less any provision for
impairments. Insurance creditors are stated at amortised cost.
Notes (continued)
24 Syndicate 2008
3. Significant accounting policies (continued)
P. Debtors and creditors (continued)
Reinsurance debtors and creditors include amounts due to and from reinsurers. These are
classified as debt instruments as they are non-derivative financial assets with fixed or
determinable payments that are not quoted on an active market. Reinsurance debtors are
measured at amortised cost less any provision for impairments. Reinsurance creditors are
stated at amortised cost. Reinsurance debtors principally relate to claims recoveries where
the underlying claim has been settled and the recovery is due. Reinsurance creditors are
primarily premiums payable for reinsurance contracts and are recognised as an expense
when due.
Other debtors principally consist of sundry debtors and are carried at amortised cost less any
impairment losses.
Other creditors principally consist of amounts due to related entities, profit commissions
payable and other sundry payables. These are stated at amortised cost determined using
the effective interest rate method.
Q. Classification of insurance and reinsurance contracts
Insurance and reinsurance contracts are classified as insurance contracts where they
transfer significant insurance risk. If a contract does not transfer significant insurance risk it is
classified as a financial instrument. All of the Syndicates written contracts and purchased
reinsurance contracts transfer significant insurance risk and are therefore recognised as
insurance contract.
4. Risk and capital management
Introduction and overview
This note presents information about the nature and extent of insurance and financial risks to
which the Syndicate is exposed, the managing agent’s objectives, policies and processes for
measuring and managing insurance and financial risks, and for managing the Syndicate’s
capital.
Risk management framework
The Board of EMAL sets the risk appetite annually as part of the Syndicate’s business
planning and Individual Capital Assessment process. The Board of the managing agent has
established procedures to review and update the risk register regularly and to monitor
performance against the risk appetite using a series of key risk indicators. The principal risks
and uncertainties facing the Syndicate are as follows:
A. Insurance risk
Insurance risk includes the risks that a policy will be written for too low a premium or provide
inappropriate cover (underwriting risk), that the frequency or severity of insured events will
be higher than expected (claims risk), or that estimates of claims subsequently prove to be
insufficient (reserving risk). Given that the business of the Syndicate is reinsuring other
Lloyd’s Syndicates, the remaining insurance risk is primarily claims and reserving risk.
Reserve adequacy is monitored through quarterly review.
Notes (continued)
25 Syndicate 2008
4. Risk and capital management (continued)
A. Insurance risk (continued)
i. Management of insurance risk (continued)
A key component of the management of underwriting risk for the Syndicate is a disciplined
underwriting strategy that is focused on writing quality business and not writing for volume.
Contracts can contain a number of features which help to manage the underwriting risk such
as the use of deductibles, or capping the maximum permitted loss, or number of claims
(subject to local regulatory and legislative requirements).
The Syndicate makes use of reinsurance to mitigate the risk of incurring significant losses
linked to one event, which can include excess of loss, stop loss, quota share, and
catastrophe reinsurance as well as adverse development covers. Where an individual
exposure is deemed surplus to the Syndicate’s appetite additional facultative reinsurance
may also be purchased.
Where considered appropriate, and in limited circumstances, the Syndicate may adopt a
pro-active approach to early settling long tail latent disease claims with the contract holder,
although each settlement is assessed on a case-by-case basis to ensure the contract holder
is not disadvantaged by such an approach.
The Claims, Reinsurance and Reserving Committee oversees the management of reserving
risk. The use of proprietary and standardised modelling techniques, internal and external
benchmarking, and the review of claims development are all instrumental in mitigating
reserving risk.
The Syndicate managing agent’s actuaries perform a reserving analysis on a quarterly basis
liaising closely with, claims and reinsurance technicians. The aim of this exercise is to
produce a probability-weighted average of the expected future cash outflows arising from the
settlement of incurred claims. These projections include an analysis of claims development
compared to the previous ‘best estimate’ projections. The output of the reserving analysis is
reviewed by external consulting actuaries. The Claims, Reinsurance and Reserving
Committee performs a comprehensive review of the projections, both gross and net of
reinsurance. Following this review the Claims, Reinsurance and Reserving Committee
makes recommendations to the Audit Committee and the managing agent’s Board of
Directors of the claims provisions to be established.
The claims development table in note number 17 shows the actual claims incurred to
previous estimates for the last 10 years.
ii. Concentration of insurance risk
The Syndicate’s exposure to insurance risk is well diversified. The following tables provide
an analysis of the geographical breakdown of its gross and net technical provisions reserves
by class of business.
Notes (continued)
26 Syndicate 2008
4. Risk and capital management (continued)
A. Insurance risk (continued)
ii. Concentration of insurance risk (continued)
2025
Gross
Accident
and
Health
£'000
Marine,
aviation
and
transport
£'000
Fire and
other
damage
to
property
£'000
Third
party
liability
£'000
Other
£'000
Re-
insurance
£'000
Total
£'000
United States 2,513 2,658 3,663 54,026 1,342 380,015 444,217
United Kingdom 464 28,928 1,513 67,050 6,614 112,234 216,803
EEA — — — — — 156,194 156,194
Other Non-EEA 135 411 (204) 7,880 450 39,407 48,079
Australia & New
Zealand
— 703 3,833 19,873 2,338 24,894 51,641
Canada 4 238 6,318 18,866 297 40,293 66,016
Total 3,116 32,938 15,123 167,695 11,041 753,037 982,950
2024
Gross
Accident
and
Health
£'000
Marine,
aviation
and
transport
£'000
Fire and
other
damage
to
property
£'000
Third
party
liability
£'000
Other
£'000
Re-
insurance
£'000
Total
£'000
United States 2,903 5,917 5,321 70,922 2,385 316,381 403,829
United Kingdom 553 9,636 2,279 68,784 5,483 145,134 231,869
EEA — — — — — 184,155 184,155
Other Non-EEA 72 557 810 9,659 605 49,779 61,482
Australia & New
Zealand
81 614 4,628 23,763 2,128 22,345 53,559
Canada 6 364 3,971 22,764 338 45,261 72,704
Total 3,615 17,088 17,009 195,892 10,939 763,055
1,007,598
2025
Net
Accident
and
Health
£'000
Marine,
aviation
and
transport
£'000
Fire and
other
damage
to
property
£'000
Third
party
liability
£'000
Other
£'000
Re-
insurance
£'000
Total
£'000
United States 2,082 1,296 2,027 25,043 451 276,918 307,817
United Kingdom 272 3,805 (1,469) 31,153 1,308 40,323 75,392
EEA — — — — — 81,045 81,045
Other Non-EEA 72 293 723 672 221 20,209 22,190
Australia & New
Zealand
— 101 2,333 10,405 410 12,471 25,720
Canada 3 202 1,239 11,849 148 20,452 33,893
Total 2,429 5,697 4,853 79,122 2,538 451,418 546,057
Notes (continued)
27 Syndicate 2008
4. Risk and capital management (continued)
A. Insurance risk (continued)
ii. Concentration of insurance risk (continued)
2024
Net
Accident
and
Health
£'000
Marine,
aviation
and
transport
£'000
Fire and
other
damage
to
property
£'000
Third
party
liability
£'000
Other
£'000
Re-
insurance
£'000
Total
£'000
United States 2,495 4,047 1,973 21,678 2,682 207,703 240,578
United Kingdom 247 5,183 1,411 29,227 1,181 80,235 117,484
EEA — — — — — 91,307 91,307
Other Non-EEA (11) 904 551 5,246 531 29,902 37,123
Australia & New
Zealand
42 447 1,647 10,480 1,497 11,007 25,120
Canada 5 300 1,948 13,404 167 23,822 39,646
Total 2,778 10,881 7,530 80,035 6,058 443,976 551,258
iii. Sensitivity to insurance risk
The liabilities established could be significantly lower or higher than the ultimate cost of
settling the claims arising. This level of uncertainty varies between the classes of business
and the nature of the risk being underwritten and can arise from developments in case
reserving for large losses and catastrophes, or from changes in estimates of IBNR. A five per
cent increase or decrease in the ultimate cost of settling claims arising is considered to be
reasonably possible at the reporting date.
A five percent increase or decrease in total net claims liabilities would have the following
effect on profit or loss and equity:
General insurance business sensitivities as at 31
December 2025
Sensitivity
+5.0%
£'000
-5.0%
£'000
Claims outstanding – gross of reinsurance 48,970 (48,970 )
Claims outstanding – net of reinsurance 27,220 (27,220 )
General insurance business sensitivities as at 31
December 2024
Sensitivity
+5.0%
£'000
-5.0%
£'000
Claims outstanding – gross of reinsurance 50,072 (50,072 )
Claims outstanding – net of reinsurance 27,419 (27,419 )
B. Financial risk
The focus of financial risk management for the Syndicate is ensuring that the proceeds from
its financial assets are sufficient to fund the obligations arising from its insurance contracts.
The goal of the investment management process is to optimise the risk-adjusted investment
income and risk-adjusted total return by investing in a diversified portfolio of securities, whilst
ensuring that the assets and liabilities are managed on a cash flow and duration basis.
Notes (continued)
28 Syndicate 2008
4. Risk and capital management (continued)
B. Financial risk (continued)
a. Credit risk
Credit risk is the risk of financial loss to the Syndicate if a counterparty fails to discharge a
contractual obligation. The Syndicate is exposed to credit risk in respect of the following:
• debt securities;
• deposits with ceding undertakings
• reinsurers’ share of insurance liabilities;
• amounts due from intermediaries;
• amounts due from reinsurers in respect of settled claims;
• cash and cash equivalents; and
• other debtors and accrued interest.
The nature of the Syndicate’s exposures to credit risk and its objectives, policies and
processes for managing credit risk have not changed significantly from the prior year.
i. Management of credit risk
The Syndicate’s credit risk in respect of debt securities is managed by placing limits on its
exposure to a single counterparty, by reference to the credit rating of the counterparty.
Financial assets are graded according to current credit ratings issued by rating agencies
such as Standard and Poor’s.
The Syndicate limits the amount of cash and cash equivalents that can be deposited with a
single counterparty and maintains an authorised list of acceptable cash counterparties.
ii. Exposure to credit risk
The Syndicate’s exposure to intermediaries and reinsurance counterparties is monitored by
the individual business units as part of their credit control processes. The impact of reinsurer
default is regularly assessed and managed accordingly.
All intermediaries must meet minimum requirements established by the Syndicate. The credit
ratings and payment histories of intermediaries are monitored on a regular basis.
The Syndicate assesses the creditworthiness of all reinsurers by reviewing public rating
information and by internal investigations.
The carrying amount of financial assets and reinsurance assets represents the maximum
credit risk exposure. The Syndicate does not hold any collateral as security or purchase any
credit enhancements (such as guarantees, credit derivatives and netting arrangements that
do not qualify for offset).
The Syndicate has inherited the reinsurance programmes of the reinsured Syndicates, so
the risk is largely the exposure to reinsurers on past reinsurance rather than new purchases
of reinsurance. The Syndicate has an intra-group reinsurance arrangement with Cavello Bay
Reinsurance Limited (“CBRe”) for 50% of the net results on the business originally written in
the 2018 and 2019 underwriting years; as well as business written in the 2023 underwriting
year which relates to the QBE LPT.
Notes (continued)
29 Syndicate 2008
4. Risk and capital management (continued)
B. Financial risk (continued)
a. Credit risk (continued)
iii. Exposure to credit risk (continued)
This is collateralised at a minimum of 120% through combination of funds withheld and a
letter of credit. The Syndicate also has an ADC with CBRe protecting its 2023 underwriting
year.
The Syndicate holds deposits with ceding undertakings arising from cash that was
transferred to Lloyd’s Europe following Lloyd’s Part VII transfer.
Any new purchase of reinsurance may only be carried out with the Claims, Reinsurance and
Reserving Committee’s prior approval of the related security.
The following tables analyse the credit rating by investment grade of financial investments,
reinsurers’ share of technical provisions, debtors arising out of direct insurance and
reinsurance operations, cash at bank and in hand, and other debtors and accrued interest
that are neither past due, nor impaired.
Shares and other
variable yield securities
and units in unit trusts — — — — — 321,854 321,854
Debt securities and
other fixed income
securities 55,159 77,145 123,480 75,811 37,653 13,746 382,994
Loans and deposits with
credit institutions — — 881 — — — 881
Other investments 16,284 4,537 3,927 2,003 2,371 9,157 38,279
Deposits with ceding
undertakings — — 4,605 — — — 4,605
Reinsurers’ share of
claims outstanding — 31,716 396,732 2,015 3,372 1,172 435,007
Debtors arising out of
direct insurance
operations — — — — — 31,572 31,572
Debtors arising out of
reinsurance operations — — — — — 462 462
Cash at bank and in
hand — — 13,081 — — — 13,081
Other debtors and
accrued interest — — — — — 75,596 75,596
Total 71,443 113,398 542,706 79,829 43,396 453,559
2025
AAA
£'000
AA
£'000
A
£'000
BBB
£'000
Other
£'000
Not
rated
£'000
Total
£'000
Notes (continued)
30 Syndicate 2008
4. Risk and capital management (continued)
B. Financial risk (continued)
a. Credit risk (continued)
iii. Exposure to credit risk (continued)
2024 Restated
AAA
£'000
AA
£'000
A
£'000
BBB
£'000
Other
£'000
Not
rated
£'000
Total
£'000
Shares and other
variable yield securities
and units in unit trusts — — — — — 245,773 245,773
Debt securities and
other fixed income
securities 108,628 41,861 171,130 119,090 20,598 16,552 477,859
Loans and deposits with
credit institutions* — — 1,598 — — — 1,598
Syndicate loans to
central fund — — — — — 574 574
Other investments 18,651 4,547 3,603 2,682 2,809 9,647 41,939
Deposits with ceding
undertakings — — 68,102 — — — 68,102
Reinsurers’ share of
claims outstanding — 23,977 411,615 15,965 10 1,497 453,064
Debtors arising out of
direct insurance
operations — — — — — 3,611 3,611
Cash at bank and in
hand* — — 19,593 — — — 19,593
Other debtors and
accrued interest — — — — — 87,796 87,796
Total 127,279 70,385 675,641 137,737 23,417 365,450
* These lines have been restated. In the previous year they were categorised as ‘Not Rated’.
iv. Financial assets that are past due or impaired
The Syndicate has debtors arising from direct insurance and reinsurance operations that are
past due but not impaired at the reporting date. The Syndicate does not consider these
debtors to be impaired.
These debtors have been individually assessed for impairment by considering information
such as the occurrence of significant changes in the counterparty’s financial position,
patterns of historical payment information and disputes with counterparties.
An analysis of the carrying amounts of past due or impaired debtors is presented in the table
below:
Notes (continued)
31 Syndicate 2008
4. Risk and capital management (continued)
B. Financial risk (continued)
a. Credit risk (continued)
iv. Financial assets that are past due or impaired (continued)
2025
Neither
past due
nor
impaired
assets
£'000
Past due
but not
impaired
£'000
Gross
value of
impaired
assets
£'000
Impairment
losses
£'000
Total
£'000
Shares and other variable yield
securities and units in unit trusts 321,854 — — — 321,854
Debt securities and other fixed
income securities 382,994 — — — 382,994
Loans and deposits with credit
institutions 881 — — — 881
Other investments 38,279 — — — 38,279
Deposits with ceding undertaking 4,605 — — — 4,605
Reinsurers’ share of claims
outstanding 435,007 — — — 435,007
Debtors arising out of direct
insurance operations 31,572 — — — 31,572
Debtors arising out of reinsurance
operations 462 7,028 — — 7,490
Other debtors, accrued interest,
Unearned Premium and Deferred
Acquisition Costs 75,596 — — — 75,596
Cash at bank and in hand 13,081 — — — 13,081
Total 1,304,331 7,028 — — 1,311,359
Notes (continued)
32 Syndicate 2008
4. Risk and capital management (continued)
B. Financial risk (continued)
a. Credit risk (continued)
iv. Financial assets that are past due or impaired (continued)
2024
Neither past
due nor
impaired
assets £'000
Past due
but not
impaired
£'000
Gross value
of impaired
assets
£'000
Impairment
losses
£'000
Total
£'000
Shares and other variable
yield securities and units in
unit trusts 245,773 — — — 245,773
Debt securities and other
fixed income securities 477,859 — — — 477,859
Loans and deposits with
credit institutions 1,598 — — — 1,598
Syndicate loans to central
fund 574 — — — 574
Other investments 41,939 — — — 41,939
Deposits with ceding
undertaking 68,102 — — — 68,102
Reinsurers’ share of
claims outstanding 453,064 — — — 453,064
Debtors arising out of
direct insurance
operations 3,611 — — — 3,611
Debtors arising out of
reinsurance operations — 8,287 — — 8,287
Other debtors, accrued
interest, Unearned
Premium and Deferred
Acquisition Costs 87,796 — — — 87,796
Cash at bank and in hand 19,593 — — — 19,593
Total 1,399,909 8,287 — — 1,408,196
The table below sets out the age analysis of financial assets that are past due but not
impaired at the balance sheet date:
Past due but not impaired
2025
0–3 months
past due
£'000
3–6 months
past due
£'000
6–12
months
past due
£'000
Greater
than 1 year
past due
£'000
Total
£'000
Debtors arising out of
reinsurance operations (3,242 ) 1,687 2,954 5,629 7,028
Total (3,242 ) 1,687 2,954 5,629 7,028
Past due but not impaired
2024
0–3 months
past due
£'000
3–6 months
past due
£'000
6–12
months
past due
£'000
Greater
than 1 year
past due
£'000
Total
£'000
Debtors arising out of
reinsurance operations (2,853 ) 812 3,784 6,544 8,287
Total (2,853 ) 812 3,784 6,544 8,287
Notes (continued)
33 Syndicate 2008
4. Risk and capital management (continued)
B. Financial risk (continued)
b. Liquidity risk
Liquidity risk is the risk that the Syndicate will encounter difficulty in meeting obligations
arising from its insurance contracts and financial liabilities. The Syndicate is exposed to daily
calls on its available cash resources mainly from claims arising from insurance contracts.
The nature of the Syndicate’s exposures to liquidity risk and its objectives, policies and
processes for managing liquidity risk have not changed significantly from the prior year.
i. Management of liquidity risk
The Syndicate’s approach to managing liquidity risk is to ensure, as far as possible, that it
will always have sufficient liquidity to meet its liabilities when they fall due, under both normal
and stressed conditions, without incurring unacceptable losses or risking damage to the
Syndicate’s reputation. Cashflow forecasts are regularly prepared and reviewed. The only
source of additional funds currently available to the Syndicate is a cash call though other
options may be investigated in due course.
The maturity analysis presented in the tables below show the remaining contractual
maturities for the Syndicate’s insurance contracts and financial instruments. For insurance
contracts, the contractual maturity is the estimated date when the gross undiscounted
contractually required cash flows will occur. For financial assets and liabilities, it is the
earliest date on which the gross undiscounted cash flows (including contractual interest
payments) could be paid assuming conditions are consistent with those at the reporting date.
Undiscounted net cash flows
2025
Carrying
Amount
£'000
No
maturity
£'000
0–1 yrs
£'000
1–3 yrs
£'000
3–5 yrs
£'000
>5 yrs
£'000
Total
£'000
Claims outstanding 979,403 — 230,358 306,424 189,136 253,485 979,403
Deposits received from
reinsurers 260,155 260,155 — — — — 260,155
Creditors 29,855 — 29,855 — — — 29,855
Other credit balances 1,353 — 1,353 — — — 1,353
Total
1,270,766
Undiscounted net cash flows
2024
Carrying
Amount
£'000
No
maturity
£'000
0–1 yrs
£'000
1–3 yrs
£'000
3–5 yrs
£'000
>5 yrs
£'000
Total
£'000
Claims outstanding
1,001,446
Deposits received from
reinsurers 312,011 312,011 — — — — 312,011
Creditors 57,185 — 57,185 — — — 57,185
Other credit balances 982 — 982 — — — 982
Total
1,371,625
Notes (continued)
34 Syndicate 2008
4. Risk and capital management (continued)
B. Financial risk (continued)
c. Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument or
insurance contract will fluctuate because of changes in market prices. Market risk comprises
three types of risk: interest rate risk, currency risk and other price risk.
The objective of market risk management is to manage and control market risk exposures
within acceptable parameters, while optimising the return on investment. The nature of the
Syndicate exposures to market risk and its objectives, policies and processes for managing
market risk have not changed significantly from the prior year.
i. Management of market risks
EMAL’s Finance and Investment Committee meets quarterly to review the performance of
the investments held and the return achieved on the Syndicate’s cash deposits. Goldman
Sachs Asset Management Limited (“GSAM”) were appointed in August 2017 as an
investment manager acting on behalf of the Syndicate. The other key aspect of market risk is
that the Syndicate could incur losses on foreign exchange movements as a result of
mismatches between the currencies in which assets and liabilities are denominated. This
has been mitigated by the currency matching of assets and liabilities as far as can be
achieved allowing for regulatory funding restrictions.
As at 31 December 2025, the Syndicate had no currency forward contracts.
ii. Interest rate risk
Interest rate risk is the risk that the value of future cash flows of a financial instrument will
fluctuate because of changes in market interest rates.
Interest rate risk arises primarily from the Syndicate’s financial investments, cash and
overseas deposits. The risk of changes in the fair value of these assets is managed by
primarily investing in short-duration financial investments and cash and cash equivalents.
The EMAL Board monitors the duration and sensitivity to interest rate movements of these
assets on a regular basis.
iii. Currency risk
The Syndicate writes business primarily in Sterling, Euros, US dollars, Canadian dollars and
Australian dollars and is therefore exposed to currency risk arising from fluctuations in the
exchange rates of Sterling against these currencies.
The foreign exchange policy is to maintain assets in the currency in which the cash flows
from liabilities are to be settled.
The table below summarises the carrying value of the Syndicate’s assets and liabilities, at
the reporting date:
Notes (continued)
35 Syndicate 2008
4. Risk and capital management (continued)
B. Financial risk (continued)
C. Market risk (continued)
iii. Currency risk (continued)
2025
Sterling
£'000
US
dollar
£'000
Euro
£'000
Canadia
n dollar
£'000
Australia
n dollar
£'000
Japane
se Yen
£'000
Other
£'000
Total
£'000
Investments
Reinsurers’ share of
technical provisions
Debtors
Other assets
Prepayments and
accrued income
Total assets
Technical
provisions
(270,283 ) (433,872 ) (169,178 )
(63,722 ) (44,131 ) (1,764 ) — (982,950 )
Deposits received
from reinsurers
(39,663 ) (106,295 )
(56,421 ) (36,295 ) (22,026 ) 546 (1 ) (260,155 )
Creditors
(5,904 ) (19,750 ) (4,037 ) (479 ) 344 (29 ) — (29,855 )
Accruals and
deferred income
(952 ) (217 ) (181 ) (2 ) (1 ) — — (1,353 )
Total liabilities
(316,802 ) (560,134 ) (229,817 ) (100,498 )
(65,814 ) (1,247 ) (1 ) (1,274,313 )
Total capital and
reserves
2024 Restated
Sterling
£'000
US
dollar
£'000
Euro
£'000
Canadia
n dollar
£'000
Australia
n dollar
£'000
Japanes
e Yen
£'000
Other
£'000
Total
£'000
Investments*
Reinsurers’ share of
technical
provisions*
Debtors*
Other assets*
Prepayments and
accrued income*
Total assets
Technical
provisions
(295,223 ) (418,145 ) (177,125 )
(72,276 ) (43,066 ) (1,763 ) — (1,007,598 )
Deposits received
from reinsurers
(78,860 ) (121,392 )
(52,411 ) (33,444 ) (26,036 ) 132 — (312,011 )
Creditors
(23,807 ) (29,263 ) (3,738 ) (442 ) 96 (31 ) — (57,185 )
Accruals and
deferred income
(1,061 ) (369 ) (307 ) (6 ) (3 ) — — (1,746 )
Total liabilities
(398,951 ) (569,169 ) (233,581 ) (106,168 )
(69,009 ) (1,662 ) — (1,378,540 )
Total capital and
reserves
* This line has been restated. In the previous year, these assets were not consistent with the
balance sheet.
Notes (continued)
36 Syndicate 2008
4. Risk and capital management (continued)
B. Financial risk (continued)
C. Market risk (continued)
iv. Equity price risk
Equity price risk is the risk that the fair value of a financial instrument will fluctuate because
of changes in market prices (other than those arising from interest rate risk or currency risk),
principally investment securities, whether those changes are caused by factors specific to
the individual financial instrument or its issuer, or factors affecting all similar financial
instruments traded in the market.
The Syndicate holds a limited portfolio of equities which are subject to equity price risk. This
exposure benefits the member through the enhanced longer-term returns on equities
compared with debt securities.
Equity price risks are managed by setting and monitoring objectives and constraints on
investments, diversification plans and limits on investments.
v. Sensitivity analysis to market risks
An analysis of the Syndicate’s sensitivity to interest rate, currency and other price risk is
presented in the table below. The table shows the effect on profit or loss of reasonably
possible changes in the relevant risk variable, assuming that all other variables remain
constant, if that change had occurred at the end of the reporting period and had been
applied to the risk exposures at that date.
2025
on results
before tax
£'000
2025
Impact on
members’
balances
£'000
2024
Impact on
results before
tax
£'000
2024
Impact on
members’
balances
£'000
Interest rate risk
+ 50 basis points shift in yield curves (5,897 ) (5,897 ) (7,871 ) (7,871 )
- 50 basis points shift in yield curves 5,897 5,897 7,871 7,871
Currency risk
10 percent increase in GBP/euro
exchange rate
274 274 (2,080) (2,080)
10 percent decrease in GBP/euro
exchange rate
(274) (274) 2,080 2,080
10 percent increase in GBP/US
dollar exchange rate
5,964 5,964 (1,478) (1,478)
10 percent decrease in GBP/US
dollar exchange rate
(5,964) (5,964) 1,478 1,478
Equity price risk
5 percent increase in equity prices 670 670 2,066 2,066
5 percent decrease in equity prices (670 ) (670 ) (2,066 ) (2,066 )
The impact of the changes in the risk variables on Members’ balances is the same as the
impact on results before tax because the Syndicate recognises all changes in assets and
liabilities in the Statement of profit or loss.
A 10% increase/decrease in exchange rates, 5% increase/decrease in equity prices and a 50
basis point increase/decrease in yield curves have been selected on the basis that these are
considered to be reasonably possible changes in these risk variables over the following year.
Notes (continued)
37 Syndicate 2008
4. Risk and capital management (continued)
B. Financial risk (continued)
C. Market risk (continued)
v. Sensitivity analysis to market risks (continued)
The sensitivity analysis demonstrates the effect of a change in a key variable while other
assumptions remain unchanged. However, the occurrence of a change in a single market
factor may lead to changes in other market factors as a result of correlations.
The sensitivity analyses do not take into consideration that the Syndicate’s financial
investments are actively managed. Additionally, the sensitivity analysis is based on the
Syndicate’s financial position at the reporting date and may vary at the time that any actual
market movement occurs. As investment markets move past pre-determined trigger points,
action would be taken which would alter the Syndicate’s position.
C. Operational risk
This is the risk that errors caused by people, processes or systems lead to losses to the
Syndicate. The agency seeks to manage this risk through the use of detailed procedure
manuals and a structured programme of compliance testing of processes and systems,
including those used by sub-contractors. This includes cyber security risk, which is the threat
posed by the higher maturity of attack tools and methods and the increased motivation of
cyber attackers.
D. RITC risks
These are risks relating to our acquisitions, including our ability to evaluate opportunities,
successfully price acquisitions, address operational challenges and assimilate acquired
portfolios into our internal control system in order to maintain effective internal controls. The
risk is mitigated through a thorough due diligence program ahead of executing a reinsurance
transaction.
E. Group risk
This is the risk that changes in group strategy or the fortunes of other group companies will
lead to losses to the Syndicate. This risk is reviewed quarterly as part of the regular review
processes.
F. Regulatory risk
The managing agent is required to comply with the requirements of the Prudential
Regulation Authority, the Financial Conduct Authority and Lloyd’s. Lloyd’s requirements
include adherence to oversight principles and those imposed on the Lloyd’s market by
overseas regulators, particularly in respect of US situs business. Regulatory risk is the risk of
loss owing to a breach of regulatory requirements or failure to respond to a regulatory
change. The agency monitors regulatory developments and assesses their impact on
agency policy and procedures. In addition, the agency carries out a compliance monitoring
programme.
Notes (continued)
38 Syndicate 2008
4. Risk and capital management (continued)
G. Reputation risk
This is the risk that negative publicity regarding an institution’s business practices will lead to
a loss of revenue or litigation.
In the modern digital era, reputational risk and subsequent threat to our strong brand is
becoming more significant. Loss of confidence from customers or regulators could cause
long-term harm to the business.
Reputation risk is included as a specific category in the Syndicate’s risk register and forms
part of the regular risk assessment process, facilitated by the Risk Management team.
H. Capital management
i. Capital Framework at Lloyd’s
Lloyd’s is a regulated undertaking and subject to supervision by the PRA under the Financial
Services and Markets Act 2000, and in accordance with the Solvency UK Framework.
Within this supervisory framework, Lloyd’s applies capital requirements at member level and
centrally to ensure that Lloyd’s would comply with the Solvency UK requirements, and
beyond that to meet its own financial strength, licence and ratings objectives.
Although, as described below, Lloyd’s capital setting processes use a capital requirement set
at Syndicate level as a starting point, the requirement to meet Solvency UK and Lloyd’s
capital requirements apply at overall and member level only respectively, not at Syndicate
level. Accordingly, the capital requirement in respect of Syndicate 2008 is not disclosed in
these financial statements.
ii. Lloyd’s capital setting process
In order to meet Lloyd’s requirements, each Syndicate is required to calculate its Solvency
Capital Requirement (“SCR”) for the prospective underwriting year. This amount must be
sufficient to cover a 1 in 200 year loss, reflecting uncertainty in the ultimate run-off of
underwriting liabilities (SCR ‘to ultimate’). The Syndicate must also calculate its SCR at the
same confidence level but reflecting uncertainty over a one-year time horizon (one-year
SCR) for Lloyd’s to use in meeting Solvency UK requirements. The SCRs of each Syndicate
are subject to review by Lloyd’s and approval by the Lloyd’s Capital and Planning Group.
A Syndicate may be comprised of one or more underwriting members of Lloyd’s. Each
member is liable for its own share of underwriting liabilities on the Syndicates on which it is
participating but not other members’ shares. Accordingly, the capital requirements that
Lloyd’s sets for each member operates on a similar basis.
Each member’s SCR shall thus be determined by the sum of the member’s share of the
Syndicate SCR ‘to ultimate’. Where a member participates on more than one Syndicate, a
credit for diversification is provided to reflect the spread of risk, but consistent with
determining an SCR which reflects the capital requirement to cover a 1 in 200 loss ‘to
ultimate’ for that member. Over and above this, Lloyd’s applies a capital uplift to the
member’s capital requirement, known as the Economic Capital Assessment (“ECA”).
Notes (continued)
39 Syndicate 2008
4. Risk and capital management (continued)
H. Capital management (continued)
ii. Lloyd’s capital setting process (continued)
The purpose of this uplift, which is a Lloyd’s not a Solvency UK requirement, is to meet
Lloyd’s financial strength, licence and ratings objectives. The capital uplift applied for 2025
was 35% (2024: 35%) of the member’s SCR ‘to ultimate’.
iii. Provision of capital by members
Each member may provide capital to meet its ECA either by assets held in trust by Lloyd’s
specifically for that member (Funds at Lloyd’s), assets held and managed within a Syndicate
(Funds in Syndicate), or as the member’s share of the members’ balances on each
Syndicate on which it participates. Accordingly, all of the assets less liabilities of the
Syndicate, as represented in the members’ balances reported on the balance sheet on
pages 14 and 15 are considered in the calculation of the members’ and Lloyd’s capital
requirements. In circumstances where the members’ balances are in deficit, they are added
to the FAL requirement and funded by the member.
5. Analysis of underwriting result
An analysis of the underwriting result before investment return is presented in the table
below:
2025
Gross
premiums
written
£’000
Gross
premiums
earned
£’000
Gross
claims
incurred
£’000
Gross
operating
expenses
£’000
Re-
insurance
balance
£’000
Under-
writing
result
£’000
Direct insurance
Accident and health 110 170 (891 ) (470 ) (76 ) (1,267 )
Motor (third party
liability) — — (22 ) (12 ) 7 (27 )
Motor (other classes) 4 6 (27,752 ) (14,654 ) 16,232 (26,168 )
Marine, aviation, and
transport 303 471 8,174 4,316 (1,596 ) 11,365
Fire and other
damage to property 3,701 5,757 3,108 1,641 (1,488 ) 9,018
Third party liability (124 ) (193 ) (12,742 ) (6,728 ) 5,977 (13,686 )
Credit and suretyship 344 535 6,439 3,400 (1,723 ) 8,651
Total direct
insurance 4,338 6,746 (23,686 ) (12,507 ) 17,333 (12,114 )
Reinsurance
acceptances 170,791 171,007 (212,140 ) 12,475 49,764 21,106
Total 175,129 177,753 (235,826 ) (32 ) 67,097 8,992
Notes (continued)
40 Syndicate 2008
5. Analysis of underwriting result (continued)
2025
Gross
premiums
written
£’000
Gross
premiums
earned
£’000
Gross
claims
incurred
£’000
Gross
operating
expenses
£’000
Re-
insurance
balance
£’000
Under-
writing
result
£’000
Additional analysis
Fire and damage to
property of which is:
Specialities 90 90 (22 ) — (2 ) 66
Energy 278 278 72 — 1,543 1,893
Third party liability of
which is:
Energy — — (54 ) — 921 867
2024
Gross
premiums
written
£’000
Gross
premiums
earned
£’000
Gross
claims
incurred
£’000
Gross
operating
expenses
£’000
Re-
insurance
balance
£’000
Under-
writing
result
£’000
Direct insurance
Accident and health 547 1,413 12,869 (547 ) (11,526 ) 2,278
Motor (third party
liability) — — 618 (1 ) (219 ) 401
Motor (other classes) 27 — 444 (141 ) (226 ) 79
Marine, aviation, and
transport (32 ) 81 8,989 (2,584 ) (6,713 ) (179 )
Fire and other
damage to property 633 1,170 5,640 (1,476 ) (6,899 ) (1,535 )
Third party liability (160 ) (34 ) 13,181 (5,159 ) (1,524 ) 6,534
Credit and suretyship 994 4,170 (3,322 ) (366 ) 724 1,189
Total direct
insurance 2,009 6,800 38,419 (10,274 ) (26,383 ) 8,767
Reinsurance
acceptances 1,604 1,331 14,517 (8,987 ) (5,536 ) 1,403
Total 3,613 8,131 52,936 (19,261 ) (31,919 ) 10,170
2024
Gross
premiums
written
£’000
Gross
premiums
earned
£’000
Gross
claims
incurred
£’000
Gross
operating
expenses
£’000
Re-
insurance
balance
£’000
Under-
writing
result
£’000
Additional analysis
Fire and damage to
property of which is:
Specialities — — — — (173 ) (173 )
Energy — — — — — —
Third party liability of
which is:
Energy — — — — — —
Notes (continued)
41 Syndicate 2008
5. Analysis of underwriting result (continued)
The gross premiums written for direct insurance by location (where the contracts were
concluded) is presented in the table below:
Region
2025
£'000
2024
£'000
United Kingdom 4,338 2,009
Total gross premiums written 4,338 2,009
No gains or losses were recognised in profit or loss during the year on buying reinsurance
(2024: [nil]).
6. Net operating expenses
2025
£'000
2024
£'000
Acquisition costs (14,349 ) 2,089
Change in deferred acquisition costs 826 1,426
Administrative expenses 13,007 15,155
Members’ standard personal expenses 877 1,085
Reinsurance commissions and profit participation (329 ) (494 )
Net operating expenses 32 19,261
The reduction in acquisition costs during the year is attributable to the release of profit
commission accrued in prior years.
Administrative expenses include:
2025
£'000
2024
£'000
Auditors’ remuneration:
fees payable to the Syndicate’s auditor for the audit of
these financial statements 790 782
fees payable to the Syndicate’s auditor and its
associates in respect of other services pursuant to
legislation 169 215
Total 959 997
In 2025, a fixed fee of £1.3m (2024: £1.7m) was charged to the Syndicate by the managing
agent. The fee was based on 0.5% of the Syndicate’s ECA. The Syndicate then recharged
70% of this fee to the managing agent as an estimate of the managing agent’s expenses
incurred by the Syndicate. This amount is included within “net operating expenses”. In 2025,
the Syndicate transferred £4.4m (2024: £5.3m) of its expenses to the technical account.
These expenses are related to the unallocated loss adjustment expenses (“ULAE”) paid
during the year.
Notes (continued)
42 Syndicate 2008
7. Key management personnel compensation
The directors of Enstar Managing Agency Limited received the following aggregate
remuneration charged to the Syndicate and included within net operating expenses:
2025
£'000
2024
£'000
Directors’ emoluments 598 1,015
Contribution to pension schemes 44 79
Total 642 1,094
The amounts charged to the Syndicate by its managing agent in respect of emoluments paid
to the Syndicate’s run-off manager in the financial year were:
2025
£'000
2024
£'000
Directors’ emoluments 132 217
Contribution to pension schemes 17 16
Total 149 233
8. Staff numbers and costs
During 2025, all staff continued to be employed on behalf of EMAL by Enstar (EU) Limited
(“EEUL”). EEUL charges EMAL a management fee that covers all salary, pension,
accommodation, computer and other costs as a single amount. The total amount of EEUL
management fees recharged to EMAL and the Syndicate for the year amounts to £22.8m
(2024: £24.3m).
The average number of persons employed by the Service Company, but working for the
Syndicate during the year, analysed by category, was as follows:
Number of employees (whole number) | ||
| 2025 | 2024 | |
| Administration and finance | | |
| Underwriting | | |
| Claims | | |
| Investments | | |
| Total | | |
Notes (continued)
43 Syndicate 2008
8. Staff numbers and costs (continued)
The following amounts were recharged by the managing agency to the Syndicate in respect
of payroll costs:
2025
£'000
2024
£'000
Wages and salaries 9,805 10,940
Other pension costs 1,085 1,181
Other 7,251 7,215
Total 18,141 19,336
9. Investment return
The investment return transferred to the technical account from the non-technical account
comprises the following:
2025
£'000
2024
£'000
Interest and similar income
From financial assets designated at fair value through
profit or loss
Interest and similar income 14,368 14,985
Dividend income 1,741 —
Interest on cash at bank 3,506 1,930
Other income from investments
From financial assets designated at fair value through
profit or loss
Gains on the realisation of investments 4,759 19,742
Losses on the realisation of investments (1,806 ) (2,785 )
Unrealised gains on investments 10,015 11,221
Unrealised losses on the investments (1,964 ) (16,441 )
Financial liabilities at amortised cost
Investment management expenses (567 ) (413 )
Total investment return 30,052 28,239
Transferred to the technical account from the non-
technical account 30,052 28,239
Notes (continued)
44 Syndicate 2008
10. Distribution and open years of account
A distribution to SGL1 of £31.7m will be proposed in relation to the closing year of account
(2023) (2024: £31.5m distribution in relation to the closing year of account (2022)).
The table below shows the current reporting year result of the years of account remaining
open after the three year period:
2025
£'000
2024
£'000
2022 N/A 31,526
2023 31,663 (1,870 )
2024 N/A N/A
2025 5,383 N/A
11. Financial investments
As at 31 December 2025 and 31 December 2024 all financial assets were measured at fair
value through profit and loss.
Carrying value Cost
2025
£'000
2024
£'000
2025
£'000
2024
£'000
Shares and other variable yield
securities and units in unit trusts 321,854 245,773 290,685 253,233
Debt securities and other fixed
income securities 382,994 477,859 381,101 487,880
Loans and deposits with credit
institutions 881 1,598 881 1,598
Syndicate loans to central fund — 574 — 574
Other investments 38,279 41,939 38,278 41,939
Total financial investments 744,008 767,743 710,945 785,224
2025
£'000
2024
£'000
Financial assets measured at fair value through profit
or loss 744,008 767,743
Total financial investments 744,008 767,743
The Syndicate classifies its financial instruments held at fair value in its balance sheet using
a fair value hierarchy based on the inputs used in the valuation techniques as follows:
• Level 1 – financial assets that are measured by reference to published quotes in an
active market. A financial instrument is regarded as quoted in an active market if
quoted prices are readily and regularly available from an exchange, dealer, broker,
industry group, pricing service or regulatory agency and those prices represent actual
and regularly occurring market transactions on an arm’s length basis.
Notes (continued)
45 Syndicate 2008
11. Financial investments (continued)
• Level 2 – financial assets measured using a valuation technique based on
assumptions that are supported by prices from observable current market
transactions. For example, assets for which pricing is obtained via pricing services
but where prices have not been determined in an active market, financial assets with
fair values based on broker quotes, investments in private equity funds with fair
values obtained via fund managers and assets that are valued using the Syndicate’s
own models whereby the significant inputs into the assumptions are market
observable.
• Level 3 – financial assets measured using a valuation technique (model) based on
assumptions that are neither supported by prices from observable current market
transactions in the same instrument nor are they based on available market data.
Therefore, unobservable inputs reflect the Syndicate’s own assumptions about the
assumptions that market participants would use in pricing the asset or liability (including
assumptions about risk). These inputs are developed based on the best information
available, which might include the Syndicate’s own data.
The tables below analyse financial instruments held at fair value in the Syndicate’s balance
sheet at the reporting date by its level in the fair value hierarchy.
2025
Level 1
£'000
Level 2
£'000
Level 3
£'000
Assets held
at
amortised
cost
£'000
Total
£'000
Shares and other variable
yield securities and units
in unit trusts 119,852 100,175 101,827 — 321,854
Debt securities and other
fixed income securities — 382,994 — — 382,994
Loans and deposits with
credit institutions — 881 — — 881
Other investments — 38,279 — — 38,279
Total financial
investments 119,852 522,329 101,827 — 744,008
Total 119,852 522,329 101,827 — 744,008
Notes (continued)
46 Syndicate 2008
11. Financial investments (continued)
2024
Level 1
£'000
Level 2
£'000
Level 3
£'000
Assets held
at
amortised
cost
£'000
Total
£'000
Shares and other variable
yield securities and units in
unit trusts 77,313 24,827 143,633 — 245,773
Debt securities and other
fixed income securities — 477,859 — — 477,859
Loans and deposits with
credit institutions — 1,598 — — 1,598
Syndicate loans to central
fund — 574 — — 574
Other investments — 41,939 — — 41,939
Total financial
investments 77,313 546,797 143,633 — 767,743
Information on the methods and assumptions used to determine fair values for each major
category of financial instrument measured at fair value is provided below.
Equity instruments listed on a recognised exchange are valued using prices sourced from
the primary exchange on which they are listed. Units in unit trusts are valued using the latest
unit price or share price provided by the unit trust. Shares and other variable securities and
units in unit trusts are generally categorised as level 1 in the fair value hierarchy except
where they are not actively traded, in which case they are generally measured on prices of
recent transactions in the same instrument. The Syndicate has no exposure to hedge funds.
Debt securities are generally valued using prices provided by external pricing vendors.
Pricing vendors will often determine prices by consolidating prices of recent trades for
identical or similar securities obtained from a panel of market makers into a composite price.
The pricing service may make adjustments for the elapsed time from a trade date to the
valuation date to take into account available market information. Lacking recently reported
trades, pricing vendors will use modelling techniques to determine a security price.
Some government and supranational securities are listed on recognised exchanges and are
generally classified as level 1 in the fair value hierarchy. Those that are not listed on a
recognised exchange are generally based on composite prices of recent trades in the same
instrument and are generally classified as level 2 in the fair value hierarchy.
Corporate bonds, including asset backed securities, that are not listed on a recognised
exchange or are traded in an established over-the-counter market are also mainly valued
using composite prices. Where prices are based on multiple quotes and those quotes are
based on actual recent transactions in the same instrument the securities are classified as
level 2, otherwise they are classified as level 3 in the fair value hierarchy.
The fair values for all securities in the fixed maturity investments portfolio are independently
provided by the investment accounting service providers, investment managers and
investment custodians, each of which utilise internationally recognised independent pricing
services.
Notes (continued)
47 Syndicate 2008
11. Financial investments (continued)
i. comparison of prices against alternative pricing sources;
ii. quantitative analysis (e.g. comparing the quarterly return for each managed portfolio
to its target benchmark);
iii. evaluation of methodologies used by external parties to estimate fair value, including
a review of the inputs used for pricing;
iv. comparing the price to our knowledge of the current investment market.
The Syndicate has on-going due diligence processes with respect to the other investments
carried at fair value and their managers. These processes are designed to assist in
assessing the quality of information provided by, or on behalf of, each fund and in
determining whether such information continues to be reliable or whether further review is
warranted. Certain funds do not provide full transparency of their underlying holdings;
however, the Syndicate obtains the audited financial statements for funds annually, and
regularly reviews and discusses the fund performance with the fund managers to corroborate
the reasonableness of the reported net asset values.
At the reporting date all debt instruments were valued using valuation techniques based on
observable market data.
12. Debtors arising out of direct insurance operations
2025
£'000
2024
Restated
£'000
Due within one year* 28,445 132
Due after one year* 3,127 3,479
Total 31,572 3,611
* This line has been restated. In the previous year, all debtors were classified as due within
one year.
The increase in debtors arising out of direct insurance operations is due to an additional
premium due from a cedant that was settled after the balance sheet date.
13. Debtors arising out of reinsurance operations
2025
£'000
2024
£'000
Due within one year 7,490 8,287
Total 7,490 8,287
14. Other debtors
2025
£'000
2024
£'000
Other related party balances (non-syndicate) 153 4,011
Other 66,673 73,052
Total 66,826 77,063
A further breakdown of other debtors is provided in the table below:
Notes (continued)
48 Syndicate 2008
14. Other debtors (continued)
2025
£'000
2024
£'000
Lloyd’s central accounting debtors 17,173 30,092
Loss funds 22,244 21,644
Investment receivables 432 17,503
Funds withheld receivables 23,198 —
Other 3,626 3,813
Total 66,673 73,052
The funds withheld receivable relates to funds previously withheld by a cedant that have now
fallen due for payment.
15. Deferred acquisition costs
The table below shows changes in deferred acquisition costs assets from the beginning of
the period to the end of the period:
2025 2024
Gross
£'000
Reinsurance
£'000
Net
£'000
Gross
£'000
Reinsurance
£'000
Net
£'000
Balance at 1 January 1,875 (763 ) 1,112 3,340 (1,274 ) 2,066
Amortised deferred
acquisition costs (826 ) 329 (497 ) (1,426 ) 494 (932 )
Foreign exchange
movements 13 (9 ) 4 (39 ) 17 (22 )
Balance at 31
December 1,062 (443 ) 619 1,875 (763 ) 1,112
16. Tangible fixed assets
The Syndicate does not have any tangible fixed assets.
17. Claims development
Claims development is shown in the tables below, both gross and net of reinsurance ceded,
on an underwriting year basis. Balances have been translated at exchange rates prevailing
at 31 December 2025 in all cases.
The calendar year developments in the tables below include the impact of reserves newly
acquired through RITC and LPT transactions.
Notes (continued)
49 Syndicate 2008
17. Claims development (continued)
Pure
underwriting
year - Gross
2016
£'000
2017
£'000
2018
£'000
2019
£'000
2020
£'000
2021
£'000
2022
£'000
2023
£'000
2024
£'000
2025
£'000
Total
£'000
Estimate of gross
claims at end of
underwriting year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
Eight years later
Nine years later
Less gross
claims paid
Gross ultimate
claims reserve
Provision in
respect of prior
years
411,763 — — — — — — — — — 411,763
Gross claims
reserve
Pure
underwriting
year - Net
2016
£'000
2017
£'000
2018
£'000
2019
£'000
2020
£'000
2021
£'000
2022
£'000
2023
£'000
2024
£'000
2025
£'000
Total
£'000
Estimate of net
claims at end of
underwriting year
One year later
Two years later
Three years later
Four years later
Five years later
Six years later
Seven years later
Eight years later
Nine years later
Less net claims
paid
Net ultimate
claims reserve
Provision in
respect of prior
years
168,471 — — — — — — — — — 168,471
Net claims
reserve
Notes (continued)
50 Syndicate 2008
18. Technical provisions
2025 2024
Gross
provisions
£'000
Reinsurance
assets
£'000
Net
£'000
Gross
provisions
£'000
Reinsurance
assets
£'000
Net
£'000
Claims Outstanding
Balance at 1 January 1,001,446 (453,064 ) 548,382 1,361,564 (600,627 ) 760,937
Claims paid during
the year (230,122 ) 84,031 (146,091 ) (295,724 ) 127,328 (168,396 )
Change in estimates
of prior year
provisions 235,826 (73,408 ) 162,418 (52,936 ) 14,253 (38,683 )
Foreign exchange
movements (27,747 ) 7,434 (20,313 ) (11,458 ) 5,982 (5,476 )
Balance at 31
December 979,403 (435,007 ) 544,396 1,001,446 (453,064 ) 548,382
2025 2024
Gross
provisions
£'000
Reinsuran
ce assets
£'000
Net
£'000
Gross
provisions
£'000
Reinsuran
ce assets
£'000
Net
£'000
Unearned
Premiums
Balance at 1 January 6,152 (3,276 ) 2,876 10,799 (5,504 ) 5,295
Premiums written
during the year 175,129 (4,880 ) 170,249 3,613 (15,519 ) (11,906 )
Premiums earned
during the year (177,753 ) 6,311 (171,442 ) (8,131 ) 17,664 9,533
Foreign exchange
movements 19 (41 ) (22 ) (129 ) 83 (46 )
Balance at 31
December 3,547 (1,886 ) 1,661 6,152 (3,276 ) 2,876
The table above shows changes in the insurance contract liabilities and assets from the
beginning of the period to the end of the period.
19. Provision for other risks
The Syndicate is not reporting any other provision for other risks.
20. Discounted claims
The Syndicate does not have any discounted claim provisions.
21. Creditors arising out of direct insurance operations
2025
£'000
2024
£'000
Due within one year 5,963 2,890
Total financial liabilities at amortised cost 5,963 2,890
Notes (continued)
51 Syndicate 2008
22. Creditors arising out of reinsurance operations
2025
£'000
2024
£'000
Due within one year 15,095 15,410
Total financial liabilities at amortised cost 15,095 15,410
23. Other creditors including taxation and social security
2025
£'000
2024
£'000
Profit Commissions 5,667 20,976
Other related party balances (non-syndicates) 2,601 8,349
Other liabilities 529 9,560
Total financial liabilities at amortised cost 8,797 38,885
24. Cash and cash equivalents
Only deposits with credit institutions with maturities of three months or less that are used by
the Syndicate in the management of its short-term commitments are included in cash and
cash equivalents.
2025
£'000
2024
Restated
£'000
Cash at bank and in hand 13,081 19,593
Deposits with credit institutions* 60,374 23,256
Short term debt instruments presented within other
financial investments 17,297 —
Total cash and cash equivalents 90,752 42,849
* This line has been restated. In the previous year, certain balances were classified as ‘Other
cash and cash equivalents’ which have now been classified as ‘Deposits with credit
institutions’.
Included within cash and cash equivalents are the following amounts which are not available
for use by the Syndicate. The majority is due to sanctions in place against Russia, with
immaterial amounts identified within the Overseas Deposits held by the Syndicate.
2025
£'000
2024
£'000
Cash at bank and in hand 2,516 2,933
Total cash and cash equivalents not available for
use by the syndicate 2,516 2,933
25. Analysis of net debt
The Syndicate does not have any debt to report.
Notes (continued)
52 Syndicate 2008
26. Related parties
The main component of operating expenses was the Enstar (EU) limited, management fees
of £22.8m (2024: £24.3m).
At 31 December 2025, Syndicate 2008 owed £2.2m to EMAL (2024: £7.5m). No amount of
profit commission is due to EMAL at 31 December 2025 (2024: £nil).
B Dimmock, M Heap and S Hextall are directors of SGL No.1 Limited which provides 100%
of the nominal stamp capacity of the Syndicate. The Syndicate has a stamp constituted for
the 2025 underwriting year of £4.5m (2024 underwriting year: £nil).
The Syndicate cedes 100% of all profits or losses in relation to the unexpired risks on
Syndicate 2243 and a portion of the business on Syndicate 1301 to StarStone Insurance SE
(“SISE”). As at 31 December 2025, the amount owed by SISE was £2.5m (2024: £5.0m).
The Syndicate also has an intra-group reinsurance arrangement with CBRe for 50% of the
net results on the 2018, 2019 and 2023 underwriting years. The arrangement is required to
be collateralised at 120%, through a combination of funds withheld and a letter of credit. As
at 31 December 2025, the amount owed by CBRe was £292.2m and this amount was
supported by funds withheld amounting to £258.1m plus letter of credit amounting to £62.3m.
The Syndicate also has an ADC with CBRe protecting its 2023 underwriting year.
27. Off-balance sheet items
There are no off-balance sheet items to report.
28. Post balance sheet events
There are no post balance sheet events to report.
29. Contingencies and commitments
There are no contingencies and commitments to report.
30. Foreign exchange rates
The following currency exchange rates have been used for principal foreign currency
transactions.
2025 2024
Start of
period rate
End of
period rate
Average
rate
Start of
period rate
End of
period rate
Average
rate
Sterling 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
Euro 1.2097 1.1462 1.1678 1.1535 1.2097 1.1813
US dollar 1.2519 1.3452 1.3176 1.2763 1.2519 1.2776
Canadian dollar 1.8015 1.8457 1.8410 1.6856 1.8015 1.7505
Australian dollar 2.0239 2.0163 2.0444 1.8673 2.0239 1.9374
Japanese Yen 197.0080 210.9631 197.1376 179.7575 197.0080 193.5236
Notes (continued)
53 Syndicate 2008
31. Funds at Lloyd’s
Every member is required to hold capital at Lloyd’s which is held in trust and known as
Funds at Lloyds (“FAL”). These funds are intended primarily to cover circumstances where
Syndicate assets prove insufficient to meet participating members’ underwriting liabilities.
The level of FAL that Lloyd’s requires a member to maintain is determined by Lloyd’s based
on PRA requirements and resource criteria. The determination of FAL has regard to a
number of factors including the nature and amount of risk to be underwritten by the member
and the assessment of the reserving risk in respect of business that has been underwritten.
Since FAL is not under the management of the managing agent, no amount has been shown
in these financial statements by way of such capital resources. However, the managing
agent is able to make a call on the member’s FAL to meet liquidity requirements or to settle
losses.
32. Ultimate parent company
Following the Merger Agreement with Elk Bidco Limited (noted in the Report of the directors
of the managing agent), EMAL’s ultimate parent company changed from Enstar Group
Limited to Elk Insurance Holdings LLC.
Elk Insurance Holdings LLC is incorporated in the United States and its registered address
is:
Maples Fiduciary Services (Delaware) Inc.
Suite 302, 4001 Kennett Pike
Wilmington, Delaware, 19807
United States of America
Notes (continued)
54 Syndicate 2008
