Insurer reduces capacity of Syndicate 33 by £100m.
Hiscox is considering the creation of a new syndicate, the company has said.
In a statement the insurer said the move, subject to permission by Lloyd's, would see the new syndicate backed 100 per cent by Hiscox's own capital.
This may underwrite business, the insurer said, sourced from Hiscox owned distribution which is currently written by Syndicate 33.
The insurer also announced plans to lower its Syndicate capacity for 2009 by £100 to £600m, a reduction of 15 per cent.
The insurer said it would submit a final plan to Lloyd's in late September which may involve a change to Syndicate 33's capacity depending on loss activity over the next three months.
