Lloyd's insurer Wellington has axed four underwriting jobs on its sole syndicate following a downturn in market conditions.
The cuts fell on Wellington's 2020 syndicate which writes professional indemnity and non-marine energy business and has a capacity of £430m.
Julian Cusack, finance director at Wellington, said the job losses were unrelated to its failed plans to merge with Limit, which were thwarted by QBE.
“Whatever changes we are making in our business, they have nothing to do with our unsuccessful bid for Limit,” he said.
Cusack said Wellington has been reviewing its business plan for syndicate 2020 and has decided that market conditions in two particular lines of business; professional indemnity and non-marine energy are such that rates would continue to be inadequate.
He added: “We have decided to substantially reduce the amount of business 2020 writes by making four underwriters redundant.”
But Cusack stressed the job cuts may be reversed if rates in 2020's market increased.
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