Tryg-Baltica International has been put into run-off in the UK following a review by parent company Tryg Vesta Group.
The underwriters at the insurance company have been told to cease underwriting any new or renewal business with immediate effect.
The company name will be changed to Chevanstell Limited and ownership will transfer from TBi in Denmark to Tryg Insurance.
Managing director of TBi in the UK Penny Iversen said: "We look forward to exploring various tactical options in the run-off market, whilst ensuring that business continues in an orderly fashion."
