The St. Paul Companies announced “that its St. Paul at Lloyd’s operation will implement a major reorganisation of its underwriting and operational structure, including a plan to consolidate its existing 11 syndicates and sub-syndicates into a single structure with seven specialist business units.”
The restructuring is part of St. Paul’s announced intention to assume 100 percent capacity of the syndicates it controls at Lloyd’s, where it is one of the largest insurers. Its managing agency controls around 5 percent of the Lloyd’s market.
The “Wholesale” division will assume overall direction of coverages extending to “global property, casualty, aviation, marine, financial and professional lines and non-marine insurance.” While the “Personal Lines” unit will handle “personal accident, creditor, medical expenses, warranty, engineering, term life and household underwriting.”
“By streamlining our existing market presence into more focused specialist lines, this reorganisation will allow our business to use its underwriting capacity more effectively and better position us to take advantage of the improving market opportunities,” stated Duncan Wilkinson, CEO of St. Paul at Lloyd’s.
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