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LONDON-One of the largest insurance runoff managers in the world has been formed by the merger of Lloyd's of London runoff companies Syndicate Underwriting Management Ltd., Sturge Run-Off Ltd. and Run-Off Services Ltd.

SUM Chairman Anthony Hines said the newly merged company will continue to be known as Syndicate Underwriting Management Ltd.

Clearance for the merger came from Lloyd's Council late last month, paving the way for a runoff management company with capacity under management of oe4 billion ($6.16 billion) and dealing with 45 syndicate groups.

SUM is wholly owned by Lloyd's, though it will be under the Equitas umbrella when the runoff reinsurer is up and running. SUM will have particular responsibility for running off long-tail and asbestos, pollution and health hazard claims.

SUM has been divided into three operating divisions, along the lines of the original companies, to cope with the increased capacity and workload. Ian Barrett, financial director of SUM, will oversee the operations of former SUM business, while SUM directors Peter Howes and Ron Cleverley will be responsible for the Sturge Run-Off and Run-Off Services business, respectively.

All three will report to SUM Managing Director Alan Pollard.

Mr. Hines estimates the merger will result in potential cost savings of more than 20 million ($30.8 million) over the next five years.