FD&D Policy Year Accounts - October 2007

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CIRCULATED TO ALL FD&D CLASS MEMBERS

At their meeting on 9 October, 2007 your Directors considered the FD&D Class policy year accounts and made the following decisions:

2004/2005 – to be closed without supplementary call.

2005/2006 – the policy year is developing satisfactorily and a supplementary call is not anticipated.  The Managers’ assessment of release call is 5%.

2006/2007 – the policy year is developing satisfactorily and a supplementary call is not anticipated.  The Managers’ assessment of release call is 10%.

2007/2008 – this policy year will be reviewed for the first time in October 2008.  The Managers’ assessment of release call is 20%.

RC ECCLESTON

MANAGING DIRECTOR – North Insurance Management Limited

As Managers on behalf of the North of England P&I Association Limited