Paul Upton, the active underwriter with Advent Capital (Holdings) PLC is to leave the company, it was announced today.
Upton will be replaced by Lloyd Tunnicliffe. Mark Godfrey will join the underwriting team as part of the changes.
At the same time, the company announced profits of £25.4m for the year ending 31 December 2002.
Following a business review, Advent has decided to concentrate on non-marine lines for 2004, where it believes larger profits lie. Consequently, it will be withdrawing from the cargo, hull, specie, marine and non-marine liability insurance sectors. It will continue in marine excess of loss and energy markets.
The 2004 plans will reflect the changes made to the business profile, and will be based upon a target income of £180m and an underwriting capacity of £215m.
