Capita subsidiary to provide run-off services at Lloyd's
CMGL Syndicate Management, a Capita Group subsidiary company, has formed a new Lloyd’s syndicate, Syndicate 5500, backed by CarVal Investors.
The syndicate will write the reinsurance-to-close (RITC) of Duncanson & Holt Syndicate Management Limited’s Syndicate 55, and Capita CMGL will provide run-off and administrative services to the syndicate.
Jerry McArthur, managing director of Capita CMGL, said: “This is an exciting step for Capita CMGL and the first transaction of its kind. We are pleased to be working with Lloyd’s to help provide long term solutions to open year situations. We will continue to actively pursue opportunities to provide finality solutions to both Lloyd’s syndicates and companies.”
Joe Foley, chairman of Duncanson & Holt Syndicate Management (“DHSM”), added: “This provides finality for the names of Syndicate 55 and we are delighted to be working with Capita CMGL to ensure an orderly closure for the members supporting this syndicate.“
Syndicate 55 was established in 1976 for the 1977 year of account. It accepted business under four principal sections: property, fine arts and contingency, non-US liabilities and accident and health.
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