XL London Market to merge syndicates

XL London Market is seeking Lloyd's approval to merge Syndicates 990 and 1209 for 2003, it announced today.

Chief executive Nick Metcalf commented on the proposal: "Given that we have already successfully integrated Denham Syndicate Management into XL London Market, this is the final step in bringing together the two businesses.

"The combined structure will most effectively serve our single capital base and the combination of the underwriting teams will ensure that we provide our clients and brokers with the best possible service."

Syndicates 990 and 1209 are backed 100% by XL London Market for 2002, with capacities of £80m and £360m respectively.