London market managing agency IGI Underwriting, part of the IGI Group, is to cease writing business for its £9 million accident and health book after capital provider CNA Re withdrew for the year 2000 account.
IGI Underwriting is the latest company to fall foul of the soft market. Last week DP Mann decided to pull out of motor and personal accident insurance.
"Due to a change in underwriting philosophy, CNA Re has withdrawn from accident and health underwriting agencies for the 2000 year of account," a statement for IGI Underwriting read. "As a consequence, IGI will no longer be seeking business on their behalf, but its other facilities remain in force. The group is now headed by Lloyd's consortium manager Compass Underwriting."