Axa Corporate Services (ACS) has closed its facultative and specialty risk department, in what is likely to be a blow to Lloyd's and London Market brokers.
ACS's David Ball wrote to brokers to info ...
Axa Corporate Services (ACS) has closed its facultative and specialty risk department, in what is likely to be a blow to Lloyd's and London Market brokers.
ACS's David Ball wrote to brokers to inform them that any business for which they had a valid quotation would be honoured, with the rest to go into run-off.
He said ACS was exiting the sector to concentrate on companies with an annual turnover of £100m-plus.
A source said the closure was likely to hit some Lloyd's and London Market brokers hard because ACS often lead or ran a line on risks.
An ACS spokeswoman said the insurer "had no need to make any further comment"
