Vibe Syndicate Management has announced that Syndicate 5678 at Lloyd’s will be placed into run-off from December 31, 2019.
CEO Joe England explained that Vibe had been unable to secure the support it needed to grow the Lloyd’s platform to an adequate scale.
“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,” England said.
“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 explained.
Vibe’s ambition had been to grow Syndicate 5678 and it had been actively seeking additional capital to create a sustainable and profitable business for the Lloyd’s and London market.
“The regulatory and organisational requirements of today’s insurance market require carriers to reach sufficient scale to absorb required operating costs,” England 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.”
During the planned run-off Vibe will ensure that valid claims continue to be met, that business relationships and portfolios with brokers and clients are transferred as efficiently as possible, and that staff are fully supported through the transition.
Syndicate 5678 was established in 2007 and has been focused on providing legacy solutions through Reinsurance to Close (RITC) of open years.
The Syndicate underwrites a range of insurance and reinsurance business, including Accident & Health, Financial Institutions, Professional Indemnity, Accident & Health Treaty, Casualty Treaty, Property Treaty, Credit, Surety, Political Risk & Terrorism, North American Specialty Programs and Property Direct & Facultative.