Poor trading conditions have forced the suspension of a CGU-backed insurance syndicate at Lloyd's and the resignation of its active underwriter.
Phil Armstrong, active underwriter at non-marine syndicate 1242, stepped down after its ceased to accept new business last week.
A spokesman for CGU, which has a 51% stake in 1242's managing agency Marlborough, said difficult trading conditions and poor future prospects were to blame.
Syndicate 1242 has written £37.5m worth of property and personal accident business and is one four syndicates operated by Marlborough, the other three are marine.
He added that Armstrong has been replaced by Tim Humm, an underwriter with Marlborough's marine syndicate 1861, and that he will oversee 1242's move into run-off.
