ALESCO NEWSISSUE 8 – APRIL 2017

AVOIDING TROUBLE IN PARADISEA CASE STUDY ON HOTEL FRANCHISE INSURANCE

THIS ISSUECASE STUDYOn hotel owners & operators insurance

LOSS UPDATELatest losses in the energy market

MARKET UPDATESoil and Construction market news

MEET THE TEAMAn interview with Simon Clarkson

ALESCO HOUSTONLatest developments in the region

Welcome to the latest edition of Alesco News

I am delighted to introduce the first 2017 edition of Alesco News.

Few would disagree that 2016 was a difficult year, filled with uncertainty and unpredictability. Despite this, Alesco continued to expand our reach across the Property, Casualty and International markets. We have made a number of key hires this year, including the addition of Simon Clarkson and Murray Haynes as Partners in the Energy division and Mark Watson as a Partner in Construction. Most importantly, we continue to attract new business and increased our market share with 40 new accounts added to our onshore contractor facility in 2016.

As we enter 2017, even with a forecasted rise in interest rates, we can expect this difficult outlook to remain. Slow commerce will continue, and it is unlikely that we will see any recovery within the next 18 months. The outlook may be uncertain, but we are prepared. Alesco are poised and ready to take advantage of the depressed market and to secure the latest commodities. We are well-resourced, well-positioned and ready to continue to fulfil our clients’ needs. We also have plans to expand our reach globally, focusing on increasing our presence in the Middle East and Africa.

This is the key differentiator between Alesco and other brokers; we will invest in our resources and continue to consistently deliver. Conditions may be tough, but our first class claims management and bench strength talent put us in good stead to face whatever this year may bring.

We hope you enjoy this issue,

Simon Matson CEO

WELCOME TO

ALESCO NEWS

HOTEL OWNERS & OPERATORS INSURANCESTARWOOD CASE STUDY

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ALESCO NEWS

Who are Starwood and what have you been working with them on?

In September 2016, Marriott International closed on its $13bn acquisition of Starwood Hotels & Resorts Worldwide. This created the largest hotel chain in the world with more than 5,800 properties and 1.1 million rooms across over 110 countries.

Having worked with Marriott over the past three years providing insurance products and solutions to assist their hotel franchisees, we were approached in September to extend these solutions to Starwood hotel franchisees.

Following our review, Starwood asked that we put an alternative international liability facility in place to assist these hotels in complying with the insurance requirements of their franchisee contracts.

Where were the hotels you were placing?

Originally we were asked to place 6 options (i.e. 222 liability quotations with various limits and deductibles) to each of the Starwood hotels across Europe, Latin America, Asia and Africa. The success of the programme has now expanded the reach to other hotveveral territories.

What are the major challenges for hotels franchisees in placing their insurance?

The main challenge for the franchisees is finding competitive insurance products in their local markets that are compliant with the requirements of their franchisee contracts. The challenge for Starwood (as the franchisor) is having a solution for franchisees that are unable to access compliant products locally or internationally. Our facility therefore provides a solution to both franchisee and franchisor.

What were the timescales for this project?

We were approached in October 2016 to review the existing Starwood facility. Next, we were formally instructed to design and place a new facility in early November 2016. By mid-November the new and final facility was in place, fully priced and structured for all hotels in all territories.

Marriott/Starwood then released the programmes to the franchisees in the last week of November and we directly followed up with all 37 hotels within 48 hours with the formal quotations.

Once formal orders to bind were received we carried these out within 24 hours and our carrier issued polices locally via the local broker if that was required.

We spoke to Justin Derbyshire to find out more.

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ISSUE 8 APRIL 2017

What sets your facility apart from the rest of the market?

Our policies are extremely broad in coverage, specifically meet the requirements of the franchise agreements, have highly competitive premium rates to include local policy issuance, are underwritten on AA (S&P) rated paper and can be bound within 24 hours. The Starwood programme was placed with an international underwriter who has the ability to issue policies locally in all the territories required. This creates an incredibly simple system for the local brokers who simply present the policies to the hotel client and obtain an order to bind; we then instruct our underwriter’s local office to issue the policy via the local broker to the hotel client.

Can local brokers use the facility?

Absolutely. An estimated 10% of policies were bound directly with ourselves while 90% maintained their preferred local broker. More importantly – where hotels had a local broker in place 100% were maintained and this is something we strongly encourage.

We understand that individual hotel owners and operators may have existing relationships with local brokers in each territory. We offer, and indeed encourage, access to all of our facilities by any local broker the hotel may have a relationship with. If the hotel does not have an existing relationship with brokers or insurers in territory and requires one, we also offer access to our global broker network.

As an overall philosophy, we want to ensure that any hotel can access our products in any way they feel most comfortable, be that directly or via any local representation or broker.

Outcomes of this project?

At the time of writing (January 2017) we have bound 28 out of 37 hotels that we originally quoted for. In addition to these hotels, we have now developed relationships with their local brokers who have produced additional hotels to be bound under the facility.

Overall the hotels have been provided with a world class product, meeting their entire requirements well within budget and with very little administrative process.

Marriot have strengthened their relationship with their franchisees by putting us forward as a simple and effective insurance solution.

By using our facility it ensures the franchisees are automatically compliant with their franchisee agreements, which also eases the administrative burden on the franchisor.

Justin DarbyshireExecutive DirectorT: +44 (0)20 7560 3819

E: Justin_Darbyshire@alescorms.com

“Thanks for you and your team’s work on this program. It is an excellent alternative solution for these hotel owners.” Karen Rice, Senior Manager, Insurance -Middle East & Africa/Specialty Lines -Marriott International

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ALESCO NEWS

Can you tell our readers how you/your team improve the Alesco offering?

The Alesco offering has been extremely successful in a relatively short period of time. I have over 30 years’ experience in the upstream and to a lesser extent downstream business. Over this time I have worked on business from all over the world, many of which Alesco are dealing in and I bring my experience in these areas. More recently I have been more US facing, in particular on accounts with Gulf of Mexico wind exposure.

Whilst Alesco has been very successful in the US on onshore upstream business, my experience will help spread that success in to the offshore area. I also have good insight into how our competitors may think, having worked for some of them in a senior role. We have a relatively young and vibrant team and I will hopefully bring a bit of “grey hair” and leadership.

Tell us about your client base?

My client base has tended to be US upstream exploration and production companies, mainly Gulf wind exposure. Most of the business I have worked on comes from independent US Retail brokers some of which are focusing on international business as well as US. This has resulted in the appointment on challenging accounts around the world. I have also had success working with consultants and surveyors and using them as a route in to a client.

And what types of insurance risks do you cover?

The oil and gas market tends to touch many parts of the insurance industry. We usually package up the standard coverages of physical damage, business interruption, control of well and third party liabilities in the London and international markets. These packages, where appropriate, will contain an element of Gulf of Mexico wind coverage. Post the Katrina and Rita hurricanes this coverage is more commoditised and bought on an aggregated basis. The retail broker tends to deal with workers comp, auto etc. in the local domestic market.

Other considerations in certain parts of the world are political risks and terrorism risks which may need to be bought separately. Another issue which is becoming more topical is cyber risk. It is all about understanding your client and their needs.

What are the key issues faced in the US upstream market today?

The whole oil and gas industry has faced a massive downturn due to the reduction in the oil price. This has fed through to the insurance industry with reduced premiums caused by lack of drilling activity, mergers, assured’s retaining risk to save money, and drilling units being stacked. This has coincided with a large over capacity in the upstream market due to low frequency of losses and favourable

investment returns compared to other options. This, in turn, has resulted in year on year double digit percentage reductions in premiums and so a heavily eroded premium base.

There is now a general feeling that the price of oil is recovering and optimism and activity is returning to the oil industry. At the same time, loss frequency is increasing in the sector, with some underwriters starting to talk the market up. But, there is still new capacity coming in to the sector.

The challenge will be to use the new capacity as wisely as possible and also try to, where possible, maintain client /underwriter relationships. We need to look at all renewal business as if we are attacking it and give the client options. Underwriters will continue to resist reductions, but the surplus of capacity suggests this may not be plausible.

What key developments do you envisage seeing in the US upstream market in 2017?

As mentioned above, I see a pick-up in activity within the industry which will naturally cause an increase in premium volume. But as capacity continues to grow there is going to be pressure on rates.

I cannot see this changing until underwriters start to withdraw from the market, which will only happen if the sector starts to make significant losses or the investment environment changes to make insurance look less attractive as an investment.

Knowing what matters to our clients is key to Alesco - what approach do you take to finding the right solution for a client?

I see this as a mixture of spending more time with the client to understand their needs, and constantly questioning the existing programmes.

Some other major brokers continue to sell their services cheaply in a more “off the shelf” way. However, many clients are happy to pay for the bespoke service Alesco offers, and in order to give value, it is important to be proactive, get to know your clients’ needs and respond accordingly in price and coverage.

Finally, we make a point to stay on top of the marketplace, finding out what new products are available and what we can learn from our competitors.

In the latest in our series of interviews with our newly expanded teams, Alesco CEO Simon Matson interviews Simon Clarkson, who joined the team in December 2016 as an Executive Partner in our energy division.

AN INTERVIEW WITH…

Upstream $2.7 billion

The upstream estimated loss figure has increased sharply since our last bulletin in September largely as a result of the $1.3 billion Tullow oil FPSO loss. We had previously reported that this was a known incident in the market but had not been included in our estimates as there was still a large amount of uncertainty around where the claim would settle. Barring this loss the year has been relatively good for upstream insurers with only 3 losses being reported above $100m and 19 above $10m.

It is worth noting that there has been a significant deterioration on a 2009 claim which has just come to light following a judgement by the Danish Maritime and Commercial High Court judgment on 15 December. The ruling stated that 24 upstream insurers on the Norwegian oil company Noreco’s program must pay $470m in respect of a loss to the Siri oil platform in 2009 which we understand was being reserved by insurers prior to the judgement in the low tens of millions. It is believe that the judgement will be challenged, however this could lead to an increase in the award with the original ruling including $30m a year for interest payments on the claim.

Downstream$2.6 billion

Since our previous update at the end of September downstream losses have increased to $2.6 billion from $411 million. Of this increase $975m relates to 2 petrochemical losses in Germany and Mexico, the second of which we had previously noted as a known market loss in our September bulletin, however at the time there were no loss estimates reported to the market. The other significant point to note about the increase is the frequency of losses above $10m. In September we were reporting 10 losses above $10m which has now more than doubled to 29.

Power$1.6 billion

As we noted back in September, total losses in the power market are dominated by one significant loss, a fire at a Power station in Siberia ($536 million). Losses however from September have doubled from the $780m previously reported. This can be attributed to a sharp increase in the number of claims in both the $20m to $150m range and $1m to $10m as can be seen below.

.

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Downstream

Grand Total

$598,450,462

Power

Upstream29,350,000

Downstream73,100,000

Grand Total

$382,270,000

Power240,910,000

Upstream68,260,000

AUSTRALASIASOUTH AMERICA

Power

Downstream

Grand Total

$1,805,484,447

Power717,411,818

Downstream1,025,431,000

Upstream62,641,629

3%

EUROPE

57%

26%

40%

Downstream

Grand Total

$337,676,712

Power53,027,504

Upstream167,649,208

MIDDLE EAST

Downstream117,000,000

35% 16% 49%

5%

19% 63% 18%

6%

Downstream25,000,000

Grand Total

$1,484,750,000

Power11,500,000

Upstream1,448,250,000

AFRICA

0% 0% 100%

Downstream

Grand Total

$598,450,462

Power

Upstream293,218,892

FAR EAST

Power142,631,570

Downstream162,600,000

27% 24% 49%

9%

1%

Downstream1,201,320,300

Grand Total

$2,222,776,327

Power410,325,967

Upstream611,130,060

54%

32%

NORTH AMERICA

18% 28%

2% 1% 97%

21%

2016 FINAL LOSS UPDATE Author: Ronan Barrett

Loss Range September 2016 March 2017

$1m to $10m 18 60

$10m to $150m 5 22

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ALESCO NEWS

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OIL began the 2017 year with 54 new members. There were two departures at 31st December 2016 (Arkema and BG Group) and two new joiners during 2016 (Plains All American Pipeline and Transcanada Pipelines)

In December 2016 OIL announced a $200m dividend would be paid on December 31st following the earlier $200M dividend announced in March 2016.

At the 2017 Shareholders Annual General Meeting (AGM) in Bermuda on Wednesday March 22nd OIL declared a further dividend of $250M payable on June 30th 2017. There were also some minor changes to the Rating and Premium Plan.

At the end of Q4 2016 OIL reported Total Shareholders Equity of $4.026 billion. Other key figures for 2016 were:-

• Written premiums of $435M

• Incurred losses of $488M

• Net underwriting loss of $62M

• Investment income of $292M

• Net income of $210M

• Dividends paid (common shares) of $400M

Following the earlier July 2016 Board meeting several decisions were announced by OIL including:

• An extension to the deadline for members to elect the increased $400m limit until January 1st, 2018.

• Coverage clarifications to the Terrorism and Pollution coverage.

• Confirmation that members can make multiple coverage changes per year subject to 30 days advance notice.

• Further review of the Experience Modifier premium language to address mergers, acquisitions and divestitures.

OIL NEWS

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Onshore construction is no different to the wider property and casualty market place in that soft insuring terms and conditions prevail.

Global capacity is at an all-time high with potentially $5,000m of capacity available. This is largely available on a PML basis meaning that realistically there is not a project that could exhaust the global market capacity.

The incumbent markets are all enjoying increased stamp capacity and there is no slow-down in new entrants and few, if any, significant withdrawals from the class in 2016.

As noted above premium rates and insuring conditions are at their softest level in a lifetime. Rates are down by circa 33% (more for certain classes / territories) and insuring conditions are at the very broadest level in areas such as ‘defects’ and extended / contingent coverages.

Low natural resource prices has led to a reduction in construction activity in the hydrocarbon processing and mineral sectors putting further pressure on insurers to fight for those projects that still come to market alongside the infrastructure projects.

Continued growth in the renewable energy market has put pressure on traditional power generation insurers, further depressing premium terms.

With this background of reduced premium rates there is increased appetite for the higher rated natural catastrophe exposed risks (especially in the London market) and in fact the London market has seen a period of ‘reinvention’ as the need for London market underwriters to book income has seen this market ‘fight back’ against the regional hubs such as Dubai, Singapore and Miami, and winning.

It is also worth mentioning that the traditional ‘leaders’ have been suffering from the loss of key personnel to their competitors or other similar ventures meaning there is a more diverse spread of underwriting expertise across the market which can only be good for the long term future of the market.

Spencer BanksPartnerT: +44 (0)20 7560 3818E: spencer_banks@alescorms.com

ONSHORE CONSTRUCTION MARKET

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However a number of software tools are now becoming available that have reduced these costs significantly. In the hands of an experienced practitioner these can help to produce timely and effective solutions for corporate clients.

The ability to accurately “geocode” insured locations has moved on significantly in the past few years - in fact this is now almost taken for granted by more sophisticated insurers and reinsurers when they receive a broker submission. However the lack of consistency in the way this data is submitted to the market remained a challenge.

In 2016, Alesco worked closely with a software provider, EigenPrism, to introduce a software tool (Prism) that has the potential to make a significant difference to major corporate buyers who are struggling to evaluate their specific exposure to a significant natural catastrophe or terrorism event, at a realistic level of expense. Prism complements our range of risk-consulting services and software tools to provide a broader analysis of exposures and accumulations.

Prism is designed to aid larger corporate accounts with their property and casualty insurance. It offers the opportunity to improve on the structure of risk-transfer protection programmes, while providing a more detailed audit trail of the analysis behind it. It offers a deeper understanding of natural catastrophe risks, and can help clients to take better-informed decisions about the risk-financing options available.

Prism in Practice

Prism models the exposure to major natural catastrophe events and terrorism attacks, highlighting where your insurance programme needs attention.

One of the more interesting aspects of this type of analysis for the large corporate buyer is the development of an appropriate damage function. There are a number of way in which we can put Prism to use, as follows:

• Working in collaboration with our clients and risk-survey engineers, we’ve developed templates which suit larger commercial property exposures. We’ve done this because of the historical challenges of applying big data to corporate insurance programmes; for example, insured locations are now routinely ‘geocoded’ but there’s been a lack of consistency in the way the data is submitted and validated.

• By superimposing historical event data onto our templates (such as information about event location and intensity from the past 50-60 years), we can see exactly how such events, if they were to happen again today, would impact on your current asset portfolio. We can ask, for example, ‘What would the cost impact be if the 1906 San Francisco earthquake were to happen again?’; we can also take known windstorm paths into account.

• We can then use Prism to combine these loss-severity estimates with assumptions about future loss frequency to generate annual loss estimates and worst case scenarios

• We can even take into account potential events outside of the historical data set; for example, business interruption and contingent business interruption have often been particularly challenging to assess.

• Having delivered a detailed understanding of possible future losses, Prism can then investigate the cost-effectiveness of the insurance protection, and other financial products, which could mitigate the exposure.

• Prism displays this data in a highly visual, geographical way, allowing clients to see all of their risk locations at once.

For more information on Prism, please contact:

Derek ThrumbleManaging PartnerT: +44 (0)20 7204 8575E: Derek_Thrumble@alescorms.com

PRISM RISK MODELLING SOFTWARE Historically, the cost of acquiring catastrophe-modelling software (in terms of set-up and annual license fees) has limited access to only those insurers and reinsurers with very large asset portfolios and premium volumes. However, we’ve been working with Prism’s developer to introduce a tool which could make a significant difference, rapidly and at a realistic level of expense, to major corporate buyers who are struggling to evaluate their exposure to a significant natural catastrophe or terrorism event in real time.

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ALESCO NEWS

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In 2016 Artex expanded both its global footprint and client service offering through three key acquisitions. The first was Kane, who were the largest non-broker owned captive manager globally, with offices in Bermuda, Cayman Islands, Guernsey and the USA. It was also the global leader in the administration of Insurance Linked Securities (ILS) and structured transactions (including cat bonds, side cars, SPVs and collateralised reinsurance deals). The second was Hexagon PCC which was the largest independent ILS administrator in Guernsey and thirdly, the Quest Group were the largest manager of insurance and reinsurance structures in Gibraltar. Combined, Artex is now the third largest Insurance manager globally (after Aon and Marsh) and is by far, the largest ILS administrator globally.

Headquartered in Bermuda, this combined group can now draw upon over 30 years of continuous captive management experience and with over 400 professionals we have some of the most respected practitioners in the Captive and ILS business. Globally, we have offices in 15 of the key domiciles in:

• North America – Arizona, California, Delaware, Hawaii, Illinois, Nevada, South Carolina, Tennessee and Vermont

• Caribbean – Bermuda and Cayman Islands

• Europe – Gibraltar, Guernsey, Malta and UK

We are proud to represent in excess of 1,500 clients and our capability extends to 27 of the world’s most popular captive domiciles. Artex manages a very broad customer base, which includes Lloyd’s insurers and reinsurance companies as well as companies in the following sectors; airlines, banking, healthcare, oil & gas, mining, energy, marine, construction, manufacturing, transportation and logistics. Our customers are from all major territories including the PR of China.

Through our operations in Gibraltar and Malta, Artex is able to offer both Fronting and direct underwriting vehicles (both insurance and reinsurance) that can passport direct into the EU. We are also able to manage run off and back office business support services.

In Guernsey, Artex have a team of over 50 staff that manage over 215 insurance structures. These captives provide solutions for clients covering diverse insurances such as property & casualty, general liability, medical travel, accident & health, construction & performance bonds, as well as life insurances.

Recently we have had success working with MGA businesses that wish to establish risk retention vehicles (both in and outside of the EU), in the area of pension longevity swaps as well as with winning the tender for the traditional captive business of Lothbury (the RBS captive in Guernsey).

Our key services for all clients can be outlined below:

• Feasibility studies & programme design

• Licence applications to the appropriate regulator

• Assistance with the appointment of all necessary service providers to the captive e.g. auditors, non-executive directors

• Comprehensive ongoing insurance management services for the captive

• In-house access to protected/segregated cell company facilities in Bermuda, Cayman, Guernsey, Malta and Tennessee

Please contact the business development team if you wish to know more or seek our assistance.

Damian McNamara E: Damian.McNamara@artexrisk.gg

ARTEX RISK SOLUTIONS

Artex Risk Solutions is one of the world’s largest captive management and alternative risk services firms. We are global experts in the full spectrum of risk transfer alternatives, ranging from guaranteed cost to captive insurance and protected cell companies. Our objective is to challenge conventional thinking and deliver collaborative expertise from specialists who design and manage effective risk solutions for our clients.

ISSUE 8 APRIL 2017

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With crude trading slightly above the US$50 mark we are seeing increased exploration in the onshore areas where lifting costs are more economical, particularly the Permian Basin and to a lesser extent the Eagle Ford Shale. The onshore recovery has not really made it to the Bakken area in North Dakota nor other shale areas in the US due to the higher infrastructure expenses that exist there.

With the increased exploration we have seen a small uptick in equipment utilization which hopefully will continue going forward. There is some concern from the economists that the fundamentals of supply and demand don’t support the current crude prices and they are being driven more so by market traders.

On the underwriting side, the US market, as with the rest of the world, has more capacity than necessary although it seems that the US underwriters are more prominent in the downstream space than upstream. While there are a number of upstream markets located here they tend to be more follow capacity than leading. On the downstream side the US markets are able to put out very large limits which have almost negated the need for layered programs except in the case of severely catastrophic exposed accounts. Going forward we are not anticipating drastic change to either of these markets, and reductions-while they may moderate from what we’ve seen in the past two years-should still be available as we’ve not really seen any push back from the domestic underwriters at this point.

There have been a few changes in the brokerage community in Houston in the past year, most having to do with typical movement between broking houses although there has been one new entrant into the energy space here.

Alesco Houston is an independent wholesaler, offering risk management solutions for the energy industry on behalf of retail broker clients.

Our particular areas of expertise include:

• Drilling contractors and Oil Field Service Contractors

• OPA (Offshore Pollution Act)

• Energy Package Policies, both on and offshore

• Control of Well

• Offshore Property

• Refineries & Petrochemicals

• Terminals

• Natural Gas processing

• Pipelines

ALESCO HOUSTON

ALESCO NEWS

Alesco Houston is an independent wholesaler, offering risk management solutions for the energy industry on behalf of retail broker clients. In this article, our Houston team has put together a few thoughts on the US energy market as well as those markets catering to the industry.

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Alesco Houston has extensive relationships with US markets who operate in the energy space and we work closely with the Alesco London team to deliver the optimal mix of domestic and international capacity for Insureds.

In conjunction with our London office we offer a unique skill set which provides true value added services to our retail broker clientele.

Team members from our Houston offices will be attending the following conferences in the US this year. Please do get in touch if you would like to meet up:

• RIMS, 23-26 April 2017 - Philadelphia

• Houston Marine Insurance Seminar, 17-19 September 2017 - Houston

For further details contact:

Bruce Wohlwend Bruce_Wohlwend@alescorms.com +1 (713)401-3505

Nick Locke Nick_Locke@alescorms.com +1 (713)401-3506

Katrina Pasternak Katrina_Pasternak@alescorms.com +1 (713)401-3513

Energy Market Rate Changes

Derek Thrumble, Managing Partner for our Risk Consulting division, speaks to Reactions about energy market rate changes we could expect during 2017. “For energy buyers the 1/1 renewal season passed without any major changes to rates or conditions,” However, this doesn’t mean there aren’t pressures in the market challenging things. Read more: https://reactionsnet.com/articles/3589088/1-1-renewals-the-cycle-is-not-dead

Roundtable: Leveraging line size in a volatile energy market

At a recent roundtable event hosted by Insurance Day, Jonathan Lyne, Chairman and Simon Clarkson, Executive Partner in our energy division, joined other energy insurance experts to discuss the opportunities for the London market and how profitable business can be found. Read more: https://www.insuranceday.com/news_analysis/special_reports/roundtable-leveraging-line-size-in-a-volatile-energy-market.htm?

Commercial Insurance Awards

We were delighted to be nominated for two categories in CIR Magazine’s Commercial Insurance Awards, which took place on 9th march 2017. We were shortlisted for Specialist Broker of the Year and Broker Claims Team of the Year, coming away highly commended in the latter. We’d like to congratulate all the winners for this year. Read more: http://www.commercialinsuranceawards.com/awards

NEWS IN BRIEF

Alesco Risk Management Services

67 Lombard Street London EC3V 9LJ

T: +44 (0)20 7204 8999

WWW.ALESCORMS.COM

twitter.com/AlescoRMS

linkedin.com/company/ alesco-risk-management- services

Alesco is a trading name of Alesco Risk Management Services Limited. Alesco Risk Management Services Limited is an appointed representative of Arthur J. Gallagher (UK) Limited which is authorised and regulated by the Financial Conduct Authority. Registered Office: The Walbrook Building, 25 Walbrook, London EC4N 8AW. Registered in England and Wales. Company Number: 1193013. www.alescorms.com

Alesco cannot be held liable for any errors, omissions or inaccuracies contained within the document. The opinions and views expressed in the above article are those of the author only and are for guidance purposes only. The authors disclaim any liability for reliance upon those opinions and would encourage readers to rely upon more than one source before making a decision based on the information.

SIMON MATSON T: +44 (0)20 7204 1814 E: simon_matson@alescorms.com

DEREK THRUMBLE T: +44 (0)20 7204 8575 E: derek_thrumble@alescorms.com

RONAN BARRETT T: +44 (0)20 7560 3084 E: ronan_barrett@alescorms.com

JUSTIN DARBYSHIRE T: +44 (0)20 7204 1851 E: justin_darbyshire@alescorms.com

SIMON CLARKSON T: +44 (0)20 7234 4290 E: simon_clarkson@alescorms.com

SPENCER BANKS T: +44 (0)20 7560 3818 E: spencer_banks@alescorms.com

CONTACTS