Lloyd's motor syndicate Torch Motor Policies has refused to comment on market speculation that it is about to be sold.

The syndicate, which has £55 million of capacity, predominately writes commercial fleet motor and haulage cover. It also has a growing private car book and is wholly owned by Torch Holdings plc.

Rumours have been circulating around Lime Street about the future of the syndicate for the past month, with Limit Underwriting limited, Lloyd's largest managing agency, heading the list of touted buyers.

Limit was recently formed from the merger of managing agents Jansen Green and Bankside Services, and manages £750m of capacity with a market capitalisation of £420m.

Limit chief financial officer Michael Carpenter said he was aware of the rumours but said he could not comment.

Limit Underwriting Limited manages seven syndicates in total, including the Lloyd's motor Syndicate Ensign 980.