Lloyd's managing agency Cox Insurance has stepped up the development of its motor insurance business. It is to manage the run-off of Crowe's motor Syndicate 963.
Lloyd's managing agency Cox Insurance has stepped up the development of its motor insurance business. It is to manage, for a fee, the run-off of Crowe's motor Syndicate 963.
It will also take on Crowe's staff and key business centres.
The London-listed specialist insurer said its existing motor syndicate, Equity Red Star, would invite renewal on all Syndicate 963 policies from 1 January 2002.
Crowe will receive a commission on all retained business.
The combined business is expected to achieve gross written premiums of £600m for 2002.
Equity Red Star is the only retail insurance business in its class to have traded profitably in each of the last 42 years. It has trebled its gross written premium in the last four years.
Cox Insurance Retail Division chief executive Neil Utley said: The addition of Crowe brings us extra people with skills to strengthen our teams. The quality of the Crowe book will combine with our existing portfolio to bolster our ability to take advantage of what we perceive to be excellent market conditions."
