Faraday has ceased writing US directors' and officers' (D&O) insurance.
The Lloyd's insurer confirmed to Insurance Times this week that its D&O operation at Lloyd's, which consists of two underwrit ...
Faraday has ceased writing US directors' and officers' (D&O) insurance.
The Lloyd's insurer confirmed to Insurance Times this week that its D&O operation at Lloyd's, which consists of two underwriters, had stopped writing business immediately.
This resulted from a decision by US parent company General Re.
Faraday stressed that the withdrawal from this line of business was not a negative reflection on the underwriters and commended them for "stabilising a difficult situation", particularly due to the challenging conditions in the US at present.
Chief executive Milan Vukelic explained the move, saying: "This is a line of business which, from our perspective and to our standards, cannot be written to a sufficiently high degree of an expectation of profit."
He added: "The US corporate liability line of business accounts for approximately 6% of our 2002 stamp capacity. Given the size of the business, our actions reflect a tactical rethink rather than a major strategic shift."
