Syndicate 62 has gone into run-off, following a decision by managing agent Marlborough Underwriting Agency not to shift its business to syndicate 1861.
The Hart Syndicate's active underwriter, Trevor Hart, finished work on January 4 this year, but a skeleton staff remained in the box.
Marlborough had said Hart's energy, hull and liability risks for 2001 would be written on a split-stamp basis between the two syndicates.
However, Marlborough managing director Tom Bolt said this week that the idea no longer made financial sense, and announced the run-off of 62. Existing business will continue to be serviced at 62's box.
He said Lloyd's and the syndicate's member agents had been told of the decision.
“No new or renewal business will be accepted, other than that previously committed under long-term agreements,” Bolt said.
He said, after the announcement of the business switch two weeks ago, Marlborough had sought the best outcome for the syndicate.
“We continued to do the figures, we continued to talk to member agents but it made more sense to close it as it was on January 4”, Bolt said.
