Run-off business shrinks
The UK non-life run-off market has shrunk to its smallest size since 2002, according to a survey for the Association of Run-Off Companies. Run-off accounted for 18% of the entire UK non-life insurance market in 2006, equivalent to £32.7bn – £5.5bn less than in 2005.
Reasons for the decline in the market include significant acceleration of run-offs through commutations and settlement activity, the absence of significant new run-offs and the £1bn reduction made so far from winding up insolvent estates.
Tyser MBO completed
Tysers chief executive Chris Elliott said the company was poised for growth following the completion of a manage-ment buy-out (MBO). Senior managers will take control of the Lloyd’s broker through new holding company Hawkes Bay Holdings.