Sackville Syndicate Management has placed Syndicate 2323 into run-off and transferred its business to Syndicate 2121 after failing to find adequate funding. Syndicate 2323 underwriter Richard Chown le ...
Sackville Syndicate Management has placed Syndicate 2323 into run-off and transferred its business to Syndicate 2121 after failing to find adequate funding. Syndicate 2323 underwriter Richard Chown left the company two weeks ago.
SOC Group chief executive Tim Riddell said Chown had been asked to find more funding, but had "failed to gain alternative capital" so had "decided to leave".
"Effective of three weeks ago we decided to transfer the work from 2323 to 2121 and put the existing business into run-off - to be handled in-house," said Riddell.
Syndicate 2323 has £15m of capacity for 2002 and its main lines of business are energy risks and non-marine property loss/damage.
In a separate move, Aon's run-off specialist, Axiom Claims Consultants, has won the contract to become the approved run-off provider for Jago Managing Agency.
Jago Managing Agency's Syndicate 205 ceased underwriting and went into run-off on 1 April.
In a prepared statement, Axiom told Insurance Times that "the board of Jago Managing Agency has approved Axiom Claims Consultants as their preferred run-off provider.
"This is subject to Lloyd's approval which may be forthcoming in November 2002. We are therefore awaiting for this approval before making any public announcements."
