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PLANE TALKING AVIATION NEWSLETTER OCTOBER 2016 EDITION

LEAD LINES

RENEWAL ANALYSIS

LOSS ANALYSIS

ALSO IN THIS ISSUE

The IUAI – a Well Kept Secret in a Changing World...

October is a fairly busy renewal month with 18 airline placements coming to market, accounting for some...

October followed a similar pattern to that of September, witnessing a number of incidents but...

Market News

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8/9

Ratings Changes

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Arrivals & Departures

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Executive Summary ALL CLEAR FOR FINAL APPROACH? The fourth quarter represents approximately two thirds of the annual market premium and the volume of renewal activity that takes place during this time is demanding. The October renewal results followed the trend of recent months and our analysis would suggest little change in market conditions as we enter the final two months of the year. There are signs that the tolerance for further erosion of the premium is starting to end, with underwriting selectivity and risk differentiation having a significant influence on the individual renewal results. On the claims front there has been no let up in the frequency of losses and as such we observed a number of incidents in October which produced some sizable Hull claims. Whist overall the current loss position is comparatively lower than in recent years, losses continue to erode profitability for underwriters and we will likely once again see the year-end claims figure (including attritionals) finish higher than that of the premium income. With the year-end figures and market position going in to 2017 largely determined by the fourth quarter results, it will be interesting to see how November and December play out. Much will depend on whether underwriters continue to differentiate between risks and maintain some degree of pricing discipline during this period, when renewal activity increases dramatically and they are ever mindful of fulfilling their year-end premium targets.

2 AEROSPACE | PLANE TALKING | OCTOBER 2016

AUTHOR PROFILE

Lead Lines - The IUAI – a Well Kept Secret in a Changing World For an organisation that was formed in

particularly in view of the increasingly

1934, and which has been active on

complex nature of the sector.

behalf of its membership ever since, the International Union of Aerospace Insurers (IUAI) has managed to keep a low profile. The launch of its new website Neil Smith Secretary General - International Union of Aerospace Insurers (IUAI)

(www.iuai.org) is the first stage of a project aimed at making the Union’s services and activities more accessible to its membership, while also making the Union a focal point for those wishing to

Biography

engage with the aerospace insurance

Neil Smith is the Secretary General of the

sector, whether they be clients, brokers,

International Union of Aerospace Insurers

regulators, or anyone else interested in

(IUAI), which represents aviation and space

the aerospace sector

insurance and reinsurance companies worldwide.

This desire to improve the profile of the Union also reflects the fact that

Neil has over 30 years experience in the

the current, hugely competitive nature

representational and lobbying role on

of the aerospace insurance sector

behalf of the London and international

(which mirrors those faced across other

insurance and reinsurance markets. Prior

insurance/reinsurance markets) means

to joining the Union in spring of 2015, Neil

that the Union’s role in supporting and

was Head of Underwriting at the Lloyd’s

representing its membership (drawn

Market Association (LMA) where he was

primarily from companies actively

responsible for overseeing the technical

underwriting aerospace insurance/

underwriting committees across all lines

reinsurance) is more important than ever.

of business and working across both the Lloyd’s and company markets.

It was recognised at the very first meeting of the IUAI that one of the key roles of the Union was to liaise with the wider aviation community so that the views of insurers could be considered in the development of relevant regulations and legislation. Contact was made with the organisations that eventually became ICAO and IATA, and the Union has been party to discussions on all major regulatory developments impacting the sector since this time. Alongside this representation role, the Union has engaged in promoting technical knowledge and expertise. When the Union was established, it was a time of rapid development in the sector, and it would be fair to say that the pace of change has not let up since. To keep up with these challenges, the Union established a number of Technical Committees in the early 1950s to address specific areas of the aviation industry. This model continues to this

The Union came into being when the

day, with the Union now operating five

International Union of Marine Insurance

Study Groups covering the following

(IUMI) set up a committee to look at

areas:

aviation insurance issues following the rapid expansion of aviation activity after the first World War. By the 1930s, advances in aviation technology and

•

Airlines Study Group

•

General Aviation Study Group

design had improved the range, speed, and manoeuvrability of aircraft,

•

Manufacturers, Products and Airports Study Group

creating a requirement for increasingly specialised insurance products to cover Want to feature in Lead Lines? If so then please contact us at: [email protected]

the associated risks. It quickly became

•

Space Risks Study Group

•

Legal and Claims Study Group

apparent that, rather than acting as a sub-set of IUMI, there was a need for a separate organisation to look after the interests of aviation insurance carriers, Continued on page 3 

WWW.JLTSPECIALTY.COM | PLANE TALKING 3

“When the Union was established. it was a time of rapid development in the sector, and it would be fair to say that the pace of change has not let up since.”

 Continued from page 2

These Study Groups work with the

The Union’s website includes an archive

as ever. The Union is positioning itself

Union secretariat throughout the year

of all the presentations made back to

to make that engagement with others

on issues impacting on their class of

the 1999 AGM, and is accessible to

as easy as possible so that the Union’s

business. Each Group is responsible for

employees of all member companies,

membership, and the wider industry, can

organising a Plenary session held during

representing an invaluable educational

benefit from the process.

the Union’s AGM, at which speakers,

resource for the membership.

both from within the Union and from the wider aerospace industry, present to the membership on the latest initiatives and technical developments.

“The profile of the aerospace industry is higher than ever.”

The activities of the Union, as outlined above, have been focussed on the

About the IUAI

existing membership, and this will

The International Union of Aerospace

continue going forward. However,

Insurers (IUAI) represents aviation

there is increasing recognition that

and space insurance and reinsurance

the Union and its membership will

companies worldwide. The IUAI has been

benefit from wider engagement with

the voice of the aerospace insurance

other stakeholders from across the

industry since 1934. Its members provide

aerospace sector. The profile of the

about 90% of global aviation and space

aerospace industry is higher than

insurance.

ever - the expansion of UAV/drone

www.iuai.org

activities, developments in satellite At present, the AGM is the keystone of

technology and space tourism and the

Union activity, with the vast majority of

continued expansion in commercial

Union members sending one or more

airline activity, with the related public and

delegates to the event. The AGM is

media interest in safety, and increased

a unique opportunity for aerospace

emphasis on environmental issues,

insurers to enhance their understanding

shows that the pace of change which

and knowledge of developments in

led to the Union being established

the industry while also networking with

back in the 1930’s, continues to this

colleagues from the Union’s membership

day. In this context, the need for the

around the world.

Union to engage with others outside its membership, as identified at its first meeting in 1934, remains as important


Renewal Analysis EXPOSURES

PREMIUM

RATES

The overall level of exposure growth

Premium maintained its downwards

As with premium, rates continued to

evident in the October renewal results

direction in October and the year to date

decline in October, largely influenced

is somewhat modest in comparison to

figure fell slightly to -13%. This was to

by healthy exposure growth and loss

the year to date figures. Whilst largely

be expected as renewal data in October

records on the majority of risks. With

the majority of accounts came to market

was limited and consisted of much

significantly more renewals coming to

with growth the overall monthly figures

smaller operators who ultimately received

market in November and December

were tempered by a few renewals which

some degree of premium reduction.

we would expect to see far more diversification in the forthcoming results.

showed sizable reductions.

Exposure Exposure Exposure

Premium Premium Premium

Rates Rates Rates

Year on Year Exposure % change.

Year on Year Premium % change.

Year on Year Rate % change.

Oct. 2015 versus Oct. 2016 (Like for Like basis) Based on Information as at 31 October 2016. Lead basis. Source: JLT



25% 25%

25%

25% 25%

25%

25% 25%

25%

20% 20%

20%

20% 20%

20%

20% 20%

20%

15% 15%

15%

15% 15%

15%

15% 15%

15%

10% 10%

10%

10% 10%

10%

10% 10%

10%

5%5% 0%0%

5%

5%5%

0%

0%0%

5%

5%5%

0%

0%0%

Change

30%

Change Change

30% 30%

Change

30%

Change Change

30% 30%

Change

30%

Change Change

30% 30%

5% 0%

-5%-5%

-5%

-5%-5%

-5%

-5%-5%

-5%

-10% -10%

-10%

-10% -10%

-10%

-10% -10%

-10%

-15% -15%

-15%

-15% -15%

-15%

-15% -15%

-15%

-20% -20%

-20%

-20% -20%

-20%

-20% -20%

-20%

-25% -25%

-25%

-25% -25%

-25%

-25% -25%

-25%

-30% -30%

-30% October October 2016 2016 October 2016 2016 2016 YTDYTD 2016 YTD Average Average FleetFleet Value Average Value Passengers Fleet Passengers Value

-30% -30%

-30% TierTier A A Tier Tier Tier B AB

Tier Tier Tier C BC 2016 2016 Tier YTDYTD C 2016 YTD Average Average Average

-30% -30%

-30% TierTier A A Tier Tier Tier B AB

Tier Tier Tier C BC 2016 2016 Tier YTDYTD C 2016 YTD Average Average Average

Passengers

Average Average Fleet Fleet Value Average Value Fleet Value Passengers Passengers Passengers

THE ‘THREE TIER’ MARKET VIEW

HullHull

Hull

HullHull

Tier

Airline/Type

Market Sentiment

A

Airlines with low-limits. Typically showing high fleet/traffic growth.

Still achieving rate reductions based on high growth and a surplus of capacity due to lower limits.

Airlines with high-limits. Typically showing low fleet/traffic growth.

Generally flat renewals, restricted capacity due to highlimits. Differentials between lead and following prices being squeezed. HARD

Airlines affected by major losses and or with poor attritional records.

Facing increases, capacity limited as underwriters focus on assessing the loss factor in their portfolio.

B

C

Hull

Typical Rate Change

HARD

SOFT

HARD

HARD

SOFT

HARD

SOFT

SOFT

HARD

SOFT

HARD

SOFT

SOFT

HARD

SOFT


Renewal Comment OCTOBER AIRLINE RENEWALS

FORTHCOMING AIRLINE RENEWALS

October is a fairly busy renewal month

November is a significant period in the

with 18 airline placements coming to

aviation insurance market and is second

November Renewals

market, accounting for 5% of the annual

largest renewal month of the year, after

The 5 largest airline renewals in November

premium.

December, in terms of premium volume

are shown in the table below:

The largest renewal in October by some way was that of Air India, which renewed having forecast respectable growth in both fleet and passengers numbers for the forthcoming year. We recorded two changes of broker in October with Thai airline Siam Air moving from Marsh to JLT and Far Eastern Air Transport (FAT) moving from Marsh to Willis. There was one omission from this years renewals list, that being Fuji Dream Airlines who opted to extend its policies until December.

FORTHCOMING AIRLINE RENEWALS*

generated. November accounts for some 18% premium for the year, and

Airline

amongst the 32 placements due to

Renewal Date

Expiring AFV (USD)

renew are some of the biggest airline

Lufthansa Group

15 Nov

54.7bn

placements in the world.

Emirates

16 Nov

48.2bn

The largest renewal in November and in

Etihad Airways

16 Nov

36.2bn

fact the second largest airline insurance

UPS

16 Nov

13.6bn

1 Nov

13.0bn

placement in the world is the Lufthansa Group with a combined fleet valued at

DHL Group

around USD54.7 billion. The second largest renewal of the month is Dubai based Emirates, one of the largest airlines in the world

December Renewals The 5 largest airline renewals in December are shown in the table below:

with a fleet valued at USD48.2 billion. Including Emirates, the Middle East region represents a significant portion of November renewals list with 12 carriers

Renewal Date

Expiring AFV (USD)

1 Dec

128.4bn

22 Dec

37.9bn

1 Dec

27.7bn

United Continental

31 Dec

22.8bn

Cathay Pacific

15 Dec

20.9bn

Airline C.A.A.C.

coming to market including Etihad, Saudi

American Airlines

Arabian Airlines, Flynas, Jazeera Airways

Air France/KLM Group

and Oman Air amongst others. The majority of these carriers are expected to report considerable exposure growth for the forthcoming year. Global logistics specialists DHL and UPS and leisure airline Thomas Cook are amongst the other major renewals that also renew in November.

January Renewals The 5 largest airline renewals in January are shown in the table below:

Mexican cargo airline Estafeta is expected to be the only new addition to the renewals list this year after it extended earlier in September.

Renewal Date

Expiring AFV (USD)

Libyan African Group

30 Jan

1.5bn

Conviasa

16 Jan

841.2m

Gainjet Aviation

26 Jan

364.5m

TACV - Cabo Verde

1 Jan

126.6m

Tailwind Airlines

6 Jan

108.4m

Airline

*Airlines with AFV >USD50m. Source: JLT.


10

Loss Analysis

OCTOBER AIRLINE LOSS SUMMARY*

OCTOBER AIRLINE LOSSES China Airlines

HULL LOSS ESTIMATE: USD 87.65m

01/10/2016 0 Fatalities

A330-302 (B-18307)

Taiwan

On landing at Taipei, the crew executed a go around which led the aircraft tail to contact the runway. On second attempt the aircraft landed safely. Damage was sustained to the skin and tail section. No injuries amongst the 124 persons on board were reported.

LIABILITY LOSS ESTIMATE: Nil

Sriwijaya Air

NUMBER OF FATALITIES: 4


B737-300 (PK-CKF)

Indonesia

Landing at Surabaya on a domestic scheduled passenger flight, the aircraft received serious punctures to the lower fuselage due to runway surface damage (asphalt). No injuries were noted.

All Known Airline Losses Net of Deductible

Polar Airlines

100

AN-26B (RA-26660)

100

Russia

500

The aircraft was on approach to Belaya Gora in a blizzard when it touched down on a river bank, about 300-400m short of the runway. The aircraft received substantial damage to its landing gear, right hand propeller, which was torn off, and the fuselage and nose. No injuries amongst the 33 passengers and crew were reported. 80 400

Sterna Linhas 60 Aereas USDm

60


A300B4-203F 300 (PR-STN) USDm

80

USDm


Brazil

Landing at Recife on a domestic cargo flight, the aircraft’s nose undercarriage collapsed. The aircraft veered off the runway and came to stop with both main gear and nose on 40 200 soft ground.

40

20

20

White Airways for TAP Portugal

0

OCT. 2015 Hull

OCT. 2016

Liabilities

*Figures shown are provided only as a guide. Not all losses include a reserve estimate and are reflected in the figures. Excludes Hull War hull reserves. Source: JLT.

100


ATR72-600 (CS-DJF)

Portugal

0 The aircraft made a hard landing at Lisbon, due to windshear,0 causing both nose wheels FEB. 2015 FEB. 2016 MAR. 2015 MAR. 2016 to detach from the undercarriage. The aircraft bounced and touched down hard again resulting in further damage to the nose undercarriage. No injuries were reported. Hull Liabilities Hull Liabilities

Ethiopian Airlines


DHC8-Q400 (ET-ANY)

Africa

The plane struck a wild animal during take-off from Dire Dawa on a flight to Addis Abada, which caused the aircraft’s nose undercarriage and right hand main gear collapse. The aircraft received substantial damage.

Losses continued on page 7 


 Losses continued from page 6

American Airlines

YEAR TO DATE AIRLINE LOSS SUMMARY*


B767-300ER (N345AN)

USA

The crew aborted takeoff from Chicago after fire was observed from the right hand engine. The aircraft came to a stop and airport fire services extinguished the blaze but extensive damage had been caused to fuselage and wing. All on board were safely evacuated, but a small number of occupants received minor injuries.

HULL LOSS ESTIMATE: USD 495.23m LIABILITY LOSS ESTIMATE: USD 60.90m

Federal Express


MD-10-10F (N370FE)

USA

NUMBER OF FATALITIES:

On landing at Fort Lauderdale on a freight flight, the aircraft’s left main undercarriage collapsed. The subsequent force caused the engine pylon to sever and a significant fire erupted eventually consuming the wing outboard of the engine.

170

All Known Airline Losses Net of Trigana Air Service 500


DHC-4T (PK-SWW)

Indonesia

Deductible

500

2000

Performing a flight from Timika, the cargo aircraft failed to arrive at Ilaga Airport as scheduled. A search and rescue operation was established and the aircraft was found to have crashed in mountainous terrain. The four crew perished.

400

400

1500

200

100

Loss Summary

200

October followed a similar pattern to that

In addition to the American Airlines

of September, witnessing a number of

100 incident, as many as five other aircraft in

incidents but fortunately little loss of life.

October look set to be declared a CTL.

Whilst a few of these incidents will likely 0

300

USDm

300

USDm

USDm

5 Year Average

produce MAR. 2015 some fairly costly MAR. 2016 Hull claims the type and age of the aircraft involved have Hull

Liabilities

limited the value of these losses from being far more substantial.

The 0 losses in October have brought the Q1 2015

Q1 2016

combined 2016 Hull and Liability figure

reflected in this figure.

aircraft will be declared a constructive total loss (CTL). Fortunately however all 161 passengers and 9 crew were able to evacuate safely, much to the relief of underwriters who as a result will have avoided a likely significant liability claim.

2013

2014

2015

2016 YTD

As always not all losses reported include a reserve estimate and are yet to be

of damage caused it is likely that the

0

to date (including an attritional estimate).

an American Airlines aircraft which engine caught fire. Due to the extent

500

Hull Liabilities to around USD890 million for the year

The biggest incident of note came from sustained substantial damage after an

1000

Despite a steady flow of losses throughout the year the current year to date loss position remains reasonably low as we enter the remaining months of the year. However, this is due largely to a small number of liability claims and not the result of a reduction in the overall frequency of losses.

*Figures shown are provided only as a guide. Not all losses include a reserve estimate and are reflected in the figures. Excludes Hull War hull reserves. Source: JLT.


Market News SIGNIFICANT RATINGS CHANGES •

The financial strength ratings of Asia Capital Re have been placed under review with developing implications by AM Best and on CreditWatch with

ArgoGlobal exiting Aviation Market

Aviation industry agrees deal on CO2

Lloyd’s insurer ArgoGlobal has

emissions

announced that it has ceased trading

A landmark deal to control aviation CO2

in the aviation insurance market with

emissions was agreed at the International

immediate effect. The company will

Civil Aviation Organization (ICAO)

now undertake a run-off process for its

agency’s 39th Assembly in Montreal on

existing aviation book of business.

6 October. The international agreement is the first of its kind for an entire industry

negative implications by Standard & Poor’s (S&P).

Airbus delivers 10,000th commercial aircraft

•

Ratings agency Standard & Poor’s (S&P) has upgraded its financial strength rating of AXA to “AA-” from “A+”, with a stable outlook.

Ratings agency Standard & Poor’s (S&P) has affirmed the “A+” financial strength and long-term counterparty

Scheme for International Aviation

the delivery of its 10,000th aircraft - an

(CORSIA) aims to deliver carbon-neutral

A350-900 to Singapore Airlines.

emissions growth for the international

The milestone event took place at Airbus

aviation industry from 2020. It will require

with the ceremony hosted by Airbus Group CEO Tom Enders and attended by Goh Choon Phong, CEO of Singapore

various environmental projects around the world to offset emissions growth. ICAO said the scheme is designed to complement the basket of mitigation

subsidiaries following the acquisition

The A350-900 MSN 56 9V-SMF,

of Endurance. S&P said its outlook on

features a special “10,000th Airbus” logo

is already pursuing to reduce CO2

Sompo was stable.

on the fuselage is the sixth A350-900 for Singapore Airlines, out of a total order

•

airlines to buy carbon credits from

Airlines.

credit rating of Sompo and its

•

The Carbon Offset and Reduction

Plane manufacturer Airbus celebrated

headquarters in Toulouse on 14 October, •

sector.

Ratings agency AM Best also

for 67.

measures the air transport community emissions from international aviation. These include technical and operational improvements and advances in the production and use of sustainable

commented that the financial strength

The 10,000th Airbus delivery comes as

alternative fuels for aviation.

rating of “A+” (Superior) and the long-

the manufacturer achieves its highest

term issuer credit rating of “aa-”of

level of production ever and is on track to

The new scheme will be voluntary from

Sompo remain unchanged following

deliver at least 650 aircraft this year from

its acquisition of Endurance.

its extensive product line.

2021 to 2026 and become mandatory in 2027. All nations, with the exception of a few states, will be required to

Airbus said it took 19 years to deliver

participate at that time. In its first phase

Ratings agency AM Best has placed

its first 1,000 aircraft and by contrast,

(2021-2026), 65 countries representing

the financial strength rating of “A”

aircraft 9,001 to 10,000 were delivered

more than 80% of the sector’s carbon

(Excellent) and the long-term issuer

in a period of about 19 months. Further,

emissions, will participate on a voluntary

credit ratings of “a” of Endurance and

Airbus said it expected to deliver its

basis.

its rated affiliates under review with

20,000th aircraft in about a decade.

ICAO estimates the deal will cost airlines

The 10,000th delivery comes some

between USD1.5 billion and USD6.2

42 years after Airbus delivered its first

billion in 2025, depending on future

aircraft an A300, to Air France in May

carbon prices.

positive implications.

1974.

News continued on page 9 


 News continued from page 8

AmTrust Completes ANV Acquisition

IATA forecasts passenger demand to

AmTrust announced that it has

double over 20 years

completed the acquisition of ANV

The International Air Transport

Holdings and its affiliates (ANV) from

Association (IATA) expects 7.2 billion

Ontario Teachers’ Pension Plan for

passengers to travel in 2035, a near

approximately USD203 million in cash.

doubling of the 3.8 billion air travelers in

ANV managing agent, ANV Syndicates Ltd, will change its name to AmTrust Syndicates Ltd. This entity together with AmTrust’s current managing agency, AmTrust at Lloyd’s, will operate under the same AmTrust at Lloyd’s brand.

AVIATION ARRIVALS & DEPARTURES •

Aon Benfield and is set to join AIG as Global Head of Aerospace.

2016. The prediction is based on a 3.7% annual Compound Average Growth Rate (CAGR) noted in the release of the latest

•

Passenger Forecast.

the managing general agent (MGA) for

The forecast for passenger growth

Risk Partners (ARP).

CIT to sell aircraft leasing unit

demand will be the Asia-Pacific region.

Avolon Holdings, part of China’s HNA

It is expected to be the source of more

the aircraft leasing business of CIT Group for USD10 billion to create the world’s

underwriting cells including Altitude

displace the UK for third place in 2026,

which is only behind the fleets of AerCap Holdings and GE Capital Aviation

decade the developing world’s share 24% to nearly 40%, and this trend is set to continue.

shareholder Mubadala, the Abu Dhabi investment and development company, has agreed to sell an 80% stake in the MRO company to HNA Aviation. SR Technics will remain a standalone business within HNA Aviation’s portfolio of aviation business. Mubadala, a shareholder since 2006, will retain a 20% stake in the company. The transaction remains subject to antitrust and regulatory approvals.

manages the United States Aircraft Insurance Group (USAIG) insurance pool and underwrites on behalf of the member companies within the pool.

Growth will also increasingly be driven

of total passenger traffic has risen from

SR Technics announced that sole

over the roles in April 2017. USAU

expense of Italy.

The deal is expected to close in the first

in SR Technics

latter retires next year. Brogan will take

while Indonesia enters the top ten at the

within developing markets. Over the past

HNA Aviation to acquire majority stake

Underwriters (USAU) unit when the

the country) around 2029. India will

Services (GECAS).

quarter of 2017.

and CEO of its United States Aviation

as the world’s largest aviation market

With the addition of CIT’s planes,

Gen Re announced that John Brogan will replace David McKay as president

next 20 years. China will displace the US (defined by traffic to, from and within

aircraft valued at over USD43 billion,

•

than half the new passengers over the

third-largest aircraft leasing company.

Avolon’s fleet will double in size to 910

Christopher Hancock has joined Castel Underwriting Agencies who are

update to the association’s 20-Year Air

confirms that the biggest driver of

Group, announced it has agreed to buy

David Bell has left his position at

•

Phil Duffin has left his position at Willis Re to join Sciemus as Director of its Space and Aviation team.


JLT Specialty’s Aerospace practice is one of the world’s leading insurance and risk management service providers. We have developed an unparalleled reputation and enviable respect throughout this challenging, highly specialist market. Noted for our client-focused service, innovation, negotiating skills and integrity we possess the market presence and momentum to help us deliver the very best results for our clients.

CONTACTS SUBSCRIPTIONS & GENERAL QUERIES [email protected] EDITORIAL TEAM Richard Adams Aerospace, JLT Specialty Limited +44 (0) 207 466 5220 [email protected] Brad Hills Aerospace, JLT Specialty Limited +44 (0) 207 466 1434 [email protected] BUSINESS CONTACTS Nigel Weyman Aerospace, JLT Specialty Limited +44 (0) 207 466 1448 [email protected] William Smith Aerospace, JLT Specialty Limited +44 (0) 207 466 6654 [email protected]

JLT Specialty Limited The St Botolph Building 138 Houndsditch London EC3A 7AW www.jltspecialty.com Lloyd’s Broker. Authorised and regulated by the Financial Conduct Authority. A member of the Jardine Lloyd Thompson Group. Registered Office: The St Botolph Building, 138 Houndsditch, London EC3A 7AW. Registered in England No. 01536540. VAT No. 244 2321 96. © September 2016

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