Lloyd's syndicate 991 has gone into run off after it has failed to secure capital backing for the 2001 year of account writes Christine Seib.
AE Grant & Others, which is the only syndicate managed by AE Grant Undewriting Agencies, has written mainly casualty and property business in Lloyd's since the 1992 year of account.
Agency managing director Simon Tovey said the method of run off, and the future of syndicate staff, including its 12 underwriters, was still being finalised.
“After much deliberation, our investors were collectively unable to commit the necessary capital and we were unable to find alternative support within a tight timeframe,” Tovey said.
“We've not ceased trading but we're winding things down because business done at this time of the year is mainly for 2001.”
Alan Grant is the syndicate's active underwriter and Eric Stobart is the agency's chairman.
AE Grant & Others started with a stamp capacity of £17.5m and built up to £75m in 1999. This dropped to £57m this year.
Tovey said it was unlikely the syndicate would attempt to trade after 2001, although it was theoretically possible.
“Our renewals will be taken by other people and, certainly, underwriters may try to take their book of business with them to other syndicates” he said.
Alan Grant wrote to the syndicate's supporting brokers on November 22 to notify them of its closure.