Lloyd’s managing agent VIBE Syndicate Management has announced the closure of its Accident & Health and Property D&F units with immediate effect.
Group Chief Executive Officer Joe England said the move follows a strategic review of Vibe’s businesses and that the decision will remain in effect until the market returns to a “more sustainable economic footing.
“This decision is not taken lightly, and I would like to thank the respective teams for their professionalism and commitment in the face of difficult market conditions,” England said.
“We will be communicating with all customers and brokers concerned to support an orderly transition.
“VIBE is committed to providing underwriting solutions in classes where we can deliver long-term value to our customers and stakeholders as we implement our vision to build a leading specialty insurance and reinsurance business in the London market.”