The MGA had previously said it was closing some of its business units
MGA Vibe’s Lloyd’s syndicate is entering run-off after failing to attract enough interest, it announced.
Chief executive Joe England said “It was with considerable regret that our board reached the conclusion that the business does not have the right scale to thrive in the current market environment.
”On this basis, we have taken the difficult decision to cease underwriting and place the business into a solvent and orderly run-off process.
“Our ambition was to grow the business and we have been actively seeking additional capital to create a sustainable and profitable Lloyd’s and London market business.
”The regulatory and organisational requirements of today’s insurance market require carriers to reach sufficient scale to absorb required operating costs.
”However, we were not able to secure the support we need to grow our Lloyd’s platform to achieve that scale in a reasonable timeframe.
“During this planned run-off we will ensure that valid claims continue to be met, that business relationships and portfolios with brokers and clients are transferred as efficiently as possible, and that our staff are fully supported through the transition.”
In September Vibe said it was closing its accident & health and property D&F business units “until such time as the market returns to a more sustainable economic footing”.
The syndicate was set up in 2007 and provided accident & health, financial institutions, professional indemnity, accident & health treaty, casualty treaty, property treaty, credit, surety, political risk & terrorism, North American specialty programmes and property direct & facultative.
Vibe is owned by George Soros-founded Quantum Strategic Partners, and Pine Brook Partners.
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