Lloyd's managing agent DP Mann has made four underwriters redundant as a consequence of its decision to pull out of motor and personal accident insurance and rationalise its household book, writes Alaric Nightingale.
The news, which shocked the market, swept through the Lloyd's underwriting room last Friday.
John Grunert, Kevin Boden and Peter Coles, who were the managing agent's underwriters on travel and personal accident, and Ed Brookfield, a household underwriter, were those who lost their jobs.
DP Mann's head of human resources, Angie Saunders, said: "We have made the decision to discontinue personal accident and travel books of business and rationalise our household business. As a result of that, four roles have been made redundant.
"The problem with personal accident and travel is quite simply that these books of business do not suit our portfolio of business going forward. We are seeking to focus on specialist lines, commercial lines and trading a normal underwriting syndicate's business."
Saunders said that if DP Mann had wanted to ensure that PA and Travel remained profitable, the company would have needed to invest heavily. However, it decided to regroup its core areas of business instead.
She said: "With household we found we could run it as profitably with three people as four. But that was a very, very difficult decision for us to take."