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Syndicates look to exits, cutbacks amid Lloyd's crackdown


Several Lloyd's of London syndicates are exiting the marketplace or reducing their underwriting after Lloyd's crackdown on underperforming businesses, S&P Global reported. Bermuda-based The Standard Club Ltd.'s Syndicate 1884 exited the Lloyd's market along with eight syndicates in 2018 due to weak pricing, lack of approval for its business plan and overcapacity at Lloyd's. Norwegian marine insurer Assuranceforeningen Skuld (Gjensidig)'s Syndicate 1897 will cease writing business starting July 1.

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