Two of the Lloyd's syndicates run by Lloyd's managing agency XL Brockbank will cease to trade in 2002.
Syndicates 588 and 861, which are entirely backed by third-party capital providers for the 2001 year of account, will no longer write business.
Under the repositioning, XL Brockbank will change its name to XL London Market Ltd and there will be changes to the remaining two syndicates.
XL will supply 100% of the capacity for syndicate 1209 and syndicate 990, which have capacity of £360m and £80m respectively.
The syndicates will cease to offer excess of loss treaty, accident and health, and US Fortune 500 property accounts.
Fitch analyst David Wharrier said the decision to drop syndicates 861 and 588 was likely to be the result of high loss ratios for the 2000 year of account.
