Trenwick's Lloyd's syndicate has stopped underwriting aviation business.
The operation has stopped writing risks in the class in anticipation of lower premium capacity next year.
A Trenwick spokesman confirmed to Insurance Times that it has exited the aviation business. He said: "Trenwick is exiting the aviation business while it examines its refinancing options."
In 2004 it is anticipated that syndicate 839, managed by Trenwick Managing Agents (TMA), will have a lower capacity than its current £328m level as it cuts down on the level of new aviation business written. However, general aviation insurance will continue to be written by the syndicate's specialty insurance division.
According to Insurance Day, a broker note circulating the market said: "Against this background, the syndicate's position as a major Lloyd's underwriter of aviation business is not sustainable."
