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LONDONThe 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."