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LONDONLloyd's of London has, for the first time, allowed a portfolio of nonlife business in runoff to be transferred out of the market.
Motor insurer Highway Insurance Holdings P.L.C. yesterday received court approval to transfer the business of its Lloyd's syndicates 37 and 2037 to a non-Lloyd's insurance company, Highway Insurance Co. Ltd. The transaction, which transfers the liabilities and assets of syndicate 37 and 2037 to Brentwood, England-based Highway was made using a mechanism called a Part VII transfer.
Highway, which until 2000 only operated in the Lloyd's market, formed the Financial Services Authority-regulated Highway Insurance Co. to underwrite private and commercial motor insurance. By 2003, Highway had ceased underwriting at Lloyd's, and had placed its two syndicates into runoff.
In 2002, Lloyd's allowed the Lloyd's life insurance business of Crowe Life to be transferred to Sterling Life Ltd., an unrelated non-Lloyd's insurance company.
A spokesman for Lloyd's said in an e-mailed statement: "Lloyd's works closely with each managing agent on Part VII transfers to identify and manage the risks associated with runoff syndicates, before bringing them to an orderly state, ready for closure. A Part VII Transfer gives closure to the syndicate years of account and provides finality to the capital providers in a cost-effective way."