Independent London Market Services (ILMS) has clinched a run-off deal worth potentially hundreds of millions of pounds of contract liabilities from Cigna Corporation.
ILMS, which is part of Lloyd's vehicle Creechurch Group, has also taken on Cigna's ten remaining staff.
Cigna, formerly known as Cigna Re Europe, withdrew from the international reinsurance market last June, and ILMS was formed to provide run-off solutions for companies leaving the market.
In October, ILMS took on Cigna's chief underwriter Paul Minter, who is now a consultant with Creechurch. Its senior underwriter David Clarke was also recruited to work on Creechurch's specialist personal accident Thomas syndicates 1607 and 2607.
ILMS has now been appointed to administer the run-off of Cigna's London-based life, accident and health reinsurance operations. Cigna was previously the dominant player in the market, with an annual income of more than £90m at its peak.
Creechurch's managing director Bruce Graham said that because of Cigna's key position, “there has been plenty of opportunity for us to acquire ongoing business and we have increased the size of our syndicates by over 50% this year.”