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Lloyd's syndicate 1965 halts underwriting new business due to cat losses


LONDON—Lloyd’s of London syndicate 1965, citing insured losses from natural catastrophes, said Wednesday that it no longer will write new business.

The multiline syndicate, which underwrote property, engineering, casualty, marine, and direct and facultative business in the Asia/Pacific region, said in a statement it had been affected by frequent, severe natural catastrophes in that region this year, including the recent floods in Thailand.

Argenta Syndicate Management Ltd., which provided third-party managing agency services to the syndicate, said in the statement that it would work closely with staff, capital providers and Lloyd’s to ensure an orderly resolution of its outstanding liabilities.

Argenta’s own syndicate, 2121, is not affected by the closure of syndicate 1965 and has minimal exposure to the Thai floods, it added.