Lloyd's managing agency RGB Underwriting Agencies, which is being touted for sale by its owner Capital Re, is winding up Syndicate 490.

The RGB Board announced this week it was to immediately cease all underwriting for the current year and all future years of account.

Capital Re, which provides the bulk of of the underwriting capacity to its syndicates through CRC Capital, has failed to find a buyer for the agency and an alternative provider of capacity.

RGB said: "In the absence of a viable transaction, CRC Capital has given notice that it will not be underwriting for the 2000 year of account on syndicate 490."

The statement added that CRC Capital would continue underwriting on its Syndicate 1171 for the year 2000.

There will be about 30 job losses from the closure, It was a non-marine syndicate with £119 million of capacity. Both active underwriter Peter Brotherton and deputy underwriter Alan Satterford resigned.

Joe Swain, chief operating officer of Capital Re and chairman of RGB Underwriting Agencies, said: "We are obviously disappointed at this outcome of events."

The RGB Board added that Lloyd's regulators are being kept appraised of the discussions regarding the cessation of syndicate 490 and the open years of account.