Lloyd’s syndicate reverses decision to withdraw from motor
Sompo Canopius’s Lloyd’s Syndicate 4444 has reversed its decision to withdraw from UK motor insurance.
Canopius Managing Agents Ltd (CMAL) said the motor market has changed, and it has decided to continue underwriting UK motor business at Lloyd’s, according to a statement to Lloyd’s originally reported by Insurance Insider.
Earlier this year CMAL told syndicate members that it would cease underwriting UK motor business from 1 January 1017.
Back in March, Canopius was reported to be in talks on the sale of its KGM unit, the brand covering its Lloyd’s motor business. Canopius still owns KGM.
Canopius said it now expects its UK motor business will represent gross written premiums net of commissions of £30m with a gross loss ratio of approximately 89%.