Kiln to reduce Lloyd's capacity for 2008

LONDON—The managing agency of Kiln Ltd.'s four syndicates at Lloyd's of London has announced that it is to reduce its overall capacity at Lloyd's for 2008.

R. J. Kiln & Co. Ltd. has submitted its business plans to Lloyd's for the 2008 year of account. In a statement, Kiln said that, "in the light of expected competition in certain classes of business next year, the company plans to reduce its overall capacity at Lloyd's by 14% for 2008."

Edward Creasy, chief executive of Bermuda-based Kiln, said that the plan was, "consistent with our long held strategy of underwriting for profit rather than volume."