Troubled liability insurer The Underwriter has ceased writing new business and been placed into run-off.
In a statement issued this afternoon, the directors said: "Effective as of 11th July 2003, the directors of The Underwriter Insurance Company have decided to cease underwriting new contracts of insurance.
"In coming to this decision the company has taken into account action taken by the FSA in which the FSA and the company concluded that the company's capital resources would fall short of the threshold conditions if the company continued to effect new contracts of insurance."
