QBE Underwriting agency is to transfer the management of its Lloyd's syndicates to Limit Underwriting, which it acquired for £375m after a closely fought battle with Wellington.
QBE said it would move the management of its umbrella syndicate, 2999, and that of its four sub-syndicates, 1223, 2000, 2345 and 2724, to Limit Underwriting by November 1.
The consolidation is likely to create the largest managing agency at Lloyd's, being responsible for an underwriting capacity of £310m.
The Australian insurer also plans to restructure its underwriting activities at Lloyd's into two divisions for the 2001 year of account.
Stephen Gargrave, active underwriter for QBE sub-syndicate 2724, is to take charge of all marine and energy business.
Mark Harrington, active underwriter for sub-syndicate 2000, will be responsible for all non-marine classes of business.
He is also nominated as active underwriter for Limit Underwriting syndicate 79, which has a capacity of £200m.
Limit's other syndicates, with a capacity of £600m, are not involved in the shake-up.
QBE Underwriting Agency's sub-syndicates will continue under the same underwriting team of Mark Harrington (2000), David Woodruff (2345), and Stephen Gargrave (2724).
However, Mel Goddard, active underwriter of sub-syndicate 1223, has decided to leave her post. But a QBE spokeswoman said that the resignation was unrelated to the recent shake-up.
All of QBE's syndicates will continue to underwrite business at the same boxes at Lloyd's.
