The board of VIBE Syndicate Management announced, effective Dec. 31, 2019, its Syndicate 5678 at Lloyd’s will be placed into a planned run-off.
“It was with considerable regret that our board reached the conclusion that the business does not have the right scale to thrive in the current market environment,” said CEO Joe England.
“On this basis, we have taken the difficult decision to cease underwriting and place the business into a solvent and orderly run-off process,” he added.
“Our ambition was to grow the business and we have been actively seeking additional capital to create a sustainable and profitable Lloyd’s and London market business,” explained England.
“The regulatory and organizational requirements of today’s insurance market require carriers to reach sufficient scale to absorb required operating costs,” he continued. “However, we were not able to secure the support we need to grow our Lloyd’s platform to achieve that scale in a reasonable timeframe.”
VIBE will continue to pay valid claims while ensuring that business relationships and portfolios with brokers and clients are transferred as efficiently as possible and fully supporting staff during the transition, he affirmed.
Source: VIBE Syndicate Management
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