HIH-owned Lloyd’s syndicate Cotesworth & Co has collapsed after failing to find a financial backer.  It is now in run-off.

One of the oldest of the syndicates that dominate the market, the decision to close Cotesworth was inevitable. “It is a very sad decision for a company that has been trading with Lloyd’s since 1855,” said chairman and MD Norman Britten.

Not everyone expressed such sentiments. Charles Sturge, a leading Lloyd’s directory editor, said Cotesworth “would have done well to have stuck with third-party capacity instead of being so greedy.” 

Cotesworth is not the only syndicate to feel the cold winds of economic reality blowing. Patrick Moore, committee member of the High Premium Group and deputy chairman of the Australian Association of Lloyd’s Members, said as many as 25% Lloyd’s syndicates may go into run-off as they struggle to find capital.