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LONDONCMGL Syndicate Management Ltd. has formed a new syndicate at Lloyd's of London to write the reinsurance-to-close of Duncanson & Holt Syndicate Management Ltd.'s syndicate 55.
The syndicate, 5500, is backed by Minneaoplis, Minnesota-based investment company CarVal Investors.
Syndicate 55 was established in 1976 and wrote property, fine arts and contingency, non-U.S. liabilities and accident and health. It stopped writing business in December 1999.
CMGL is a subsidiary of London-based Capita Group P.L.C. Capita CMGL, another Capita unit, will provide runoff and administrative services to syndicate 5500.