Syndicates set precedent by quitting Lloyd’s
Two non-life syndicates have been allowed to leave Lloyd’s of London, the first to do so in the market’s 319-year history.
Court approval was given last week to motor insurer Highway Insurance Holdings to transfer its syndicates to the non-Lloyd’s insurer Highway Insurance.
The removal of Highway’s syndicates 37 and 2037 was allowed through a mechanism known as a Part VII transfer.
Highway had been operating solely in Lloyd’s until 2000 but formed its non-Lloyd’s insurer to underwrite private and commercial motor insurance.
The life insurance business of Crowe Life was transferred out of Lloyd’s to insurer Sterling Life in 2002.
Court approval was given last week to motor insurer Highway Insurance Holdings to transfer its syndicates to the non-Lloyd’s insurer Highway Insurance.
The removal of Highway’s syndicates 37 and 2037 was allowed through a mechanism known as a Part VII transfer.
Highway had been operating solely in Lloyd’s until 2000 but formed its non-Lloyd’s insurer to underwrite private and commercial motor insurance.
The life insurance business of Crowe Life was transferred out of Lloyd’s to insurer Sterling Life in 2002.