US insurer Coverys Shutters Lloyd's of London Syndicate

Law360, London (November 11, 2020, 2:46 PM GMT) -- Coverys Managing Agency said on Wednesday that it will be shutting down one of its three Lloyd's of London syndicates at the end of the year after failing to stem years of losses.

The U.S. insurer said it was placing DTW Syndicate 1991 into run-off from Dec. 31, meaning it will pay out on claims from existing policies but will not process renewals or take on new business. The syndicate had made a loss of £8.6 million ($11.2 million) at the end of 2019, according to a report published in March this year. That followed a £14.7 million loss in 2018,...

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