Law360, London (November 8, 2019, 11:34 AM GMT) -- A specialist insurer at Lloyd’s of London announced Friday it will close its only syndicate, saying that the “regulatory and organizational” requirements of today’s market were stacked against smaller players.
VIBE Syndicate Management said Syndicate 5678 will enter run-off from Dec. 31, meaning it will take on no new customers and existing business will not be renewed. According to its latest accounts, the syndicate made a loss of £12.2 million ($15.6 million) last year, an improvement on 2017’s loss of £32.2 million.
Joe England, group chief executive of VIBE, said the business lacks the size to thrive in the marketplace.
“The regulatory and...
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