US-based niche insurance provider ProSight Specialty Managing Agency Limited has ceased the underwriting of Syndicate 1110 and placed the syndicate into run-off, Lloyd’s said in a June 9 Market Bulletin.
While Syndicate 1110 will not be accepting any new business, on all existing business brokers should continue to deal with their usual contacts at ProSight, who will be available to assist with any risk written by the syndicate, Lloyd’s noted.
In due course, ProSight intends to appoint a third party to take over the management of the run-off and a process is underway to select that provider.
In the 2016 financial year, Syndicate 1110 increased gross premiums written to £245.0 million from £211.5 million in the previous year. The syndicate made a loss of £12.4 million compared to a loss of £3.2 million in 2015. The combined ratio deteriorated to 108 percent from 102 percent over the period.
The syndicate tried to turn around the business in the second half of 2016, scaling back in niches which did not meet performance expectations or fit strategically which included marine, contingency, engineering & construction and leasure & sport.
The syndicate also operated in home boiler breakdown, media, accident & health and real estate.