Argenta Syndicate Management has advised us of the following results for Syndicate 2121

2010 result 4.38% loss(previously loss range 3% to 8% of capacity)

2011 estimate 2% loss to 3% profit(previously profit range 2% to 7% of capacity)

2012 point estimate 8.1% profit

Active Underwriter Ian Maguire said "We previously forecast a loss in the range of 3% to 8% of allocated capacity for 2010 when the year closed, however there has been a small improvement in this resulting in the year closing better than the mid-point of the range.

The 2011 and 2012 years of account have been impacted by Sandy. Whilst this is broadly in line with the annual catastrophe charge forecast for the year a significant element of this has fallen on the 2011 year of account. This arises mainly from our power and utility account which had a number of risks that attached in the latter part of 2011. The estimated split for the whole Sandy loss is 58% 2011 and 42% 2012.

It is an encouraging position for 2012 at this stage in its development and we will issue a formal range forecast with the first quarter 2013 QMR."

A full schedule of results received to date is attached. The remaining outstanding syndicate results and forecasts (currently show in grey on the schedule) are Syndicates 218, 623, 779, 4242, 6106 and 6107