Ascot's 2011 capacity approved by Lloyd's

Lloyd’s has approved Ascot Underwriting's 2011 capacity of £600m.

Ascot has de-empted its stamp from £700m in 2010 in response to the current market conditions.

Andrew Brooks, chief executive of Ascot, said: "In light of the prevailing market conditions Ascot has taken a key strategic decision in reducing its underwriting capacity from £700m to £600m.

"We view this as essential in managing our business through the next twelve months, and we remain fully committed to providing the best service to meet the needs of our brokers and clients."