Move prompted by Kevin Cannon's retirement
Specialist churches and charities insurer Ecclesiastical will stop writing London Market business and place the portfolio of Ecclesiastical Underwriting managemet Limited (EUML) into run-off.
The unit, which was established in 1989 to write worldwide property risks, will stop writing new business and renewals from 30 September.
Ecclesiastical said the closure was prompted both by the retirement of EUML's manager wand underwriter, Kevin Cannon, as well as the company's decision to concentrate on its core business and build on its position as a specialist insurer.
“When the operation began in 1989 it was very much in line with our development at the time. However, as we have grown as a specialist insurer, London Market is no longer a focus for us," said Steve Wood, managing director of Ecclesiastical’s UK and Ireland business, in a statement.
"We have a clear vision for our core business in the care, charity, faith, education and heritage niches over the next few years. In order to achieve our plans we have to concentrate on these key areas and limit our efforts elsewhere."
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