Liberty Syndicates has arranged for its motor subsidiary, Liberty Motor, to be taken over by a new group of capital providers.
Liberty Syndicates managing director Sean Dalton said: "This move represents a strategic shift in our underwriting portfolio. We have decided to concentrate our capital on underwriting property, casualty, reinsurance and marine business."
Dalton added that Liberty Motor's new backers would retain all staff and increase the syndicate's capacity to £55m. The syndicate will also retain its number,1231, until 2003.
The deal, which is subject to Lloyd's approval, is expected to take effect from 1 August 2002.
