Kiln plans to reduce its overall capacity at Lloyd's by 14% for 2008
R J Kiln & Co, the managing agency of Kiln's four syndicates at Lloyd's, has said that in light of expected competition in certain classes of business next year, the company plans to reduce its overall capacity at Lloyd's by 14% for 2008.
Kiln announced the decision in its business plans to Lloyd's for the 2008 year of account.
Kiln Group chief executive Edward Creasy said: "This reduction in capacity for 2008 is consistent with our long held strategy of underwriting for profit rather than volume.
"Our underwriters continue to maintain discipline where they see rate reductions and there are still areas of considerable opportunity in the market.
"We are applying our efforts to those sections of our portfolio where we see good potential and long term benefit for our capital providers."