Highway completes exit from Lloyd’s

Highway Insurance Holdings has obtained court approval for the transfer of the business of Lloyd’s Syndicates 37 and 2037 to Highway Insurance Company.

The effective date of the transfer is 2 August

Syndicates 37 and 2037 are syndicates that historically provided capital to the Highway motor insurance business. Syndicate 37 is supported by third party Lloyd’s Names and Syndicate 2037 by Highway.

Highway said: “The impact of the transfer on the results of Highway for the year ended 31 December 2007 will not be material.”

Commenting on the court clearance, Andrew Gibson, group chief executive of Highway, said: “The transfer satisfactorily completes Highway’s exit from Lloyd’s that began with the creation of Highway Insurance Company Ltd at the beginning of 2000.

"The closure will simplify our group structure, accounting and regulatory processes and streamline our capital position.”