Liberty Syndicates today announced that its capacity for the 2007 underwriting year will be £725m, down from £912m in the 2006 underwriting year.
“2006 was an exceptional year in terms of pricing and we increased our capacity to take advantage of the environment,” said Brian FitzGerald, chief executive of Liberty Syndicates.
Our approach has always been to review business conditions and react with appropriate adjustment to our underwriting capacity. We will continue to underwrite a diverse book of business through the company's five underwriting divisions – worldwide reinsurance, London Market reinsurance, contingent lines, property and casualty.”
Liberty Mutual Group chairman, president and CEO Edmund Kelly commented, “Liberty Mutual remains fully committed to the Lloyd's market and to our dedicated Syndicate 4472. The adjustment of the stamp capacity for 2007 reflects our assessment of market conditions.”
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