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Lloyd’s of London managing general agency Vibe Syndicate Management Ltd. on Monday said its accident and health, and property direct and facultative business units would close with immediate effect, amid “difficult” market conditions and as part of its ongoing strategic review.
“We have decided to cease underwriting new and renewal accident and health, and property direct and facultative business, until such time as the market returns to a more sustainable economic footing,” Joe England, group CEO of Syndicate Holding Corp., the Puerto Rico registered holding company for Vibe said in a statement.
Vibe manages syndicate 5678 at Lloyd’s, established in 2007, which underwrites a broad range of insurance and reinsurance business, including financial institutions, professional indemnity and North American specialty programs, the statement said.
Syndicate Holding Corp. is owned by New York-based private equity firm Pine Brook Road Partners LLC and Quantum Strategic Partners Ltd., a private investment fund managed by Soros Fund Management LLC.
(Reuters) — Lloyd's of London met a second-quarter target to complete at least half of its insurance under-writing deals electronically, as part of efforts to modernize operations and save costs.