Cox Insurance Holdings has confirmed that Cox Syndicate Management, its subsidiary management agency, has signed an outsourcing agreement with CMGL, as reported by Insurance Times.
CMGL will manage the run-off administration of Cox's discontinued commercial portfolio underwritten by Syndicate 1208.
The contract provides for administration of Syndicate 1208 by GMCL until final "reinsurance to close".
Cox said the agreement was designed to maintain its programme of cost control and elimination.
The move is subject to Lloyd's approval.
