Despite recent reports, Lloyd’s hasn’t made any decision as to whether it will exit the captive market. The issue is under study as part of an overall review of Lloyd’s operations, due to be presented in October.
Lloyd’s spokesman Adrian Beeby indicated that the mistaken impression came from an interview with Lloyd’s Roger Sellek at a conference in the U.S. “Roger meant to indicate that the whole thing was more or less on hold, pending a complete review,” said Beeby. “For the present we’re not doing any new captive business, but we’re still a captive domicile.”
He indicated that Lloyd’s had only one captive insurer, which had been established by the pharmaceutical company Smith, Kline, Beecham. ” When they merged with Glaxo Wellcome, they essentially ceased writing new business, as Glaxo has other insurance arrangements.”
Topics Excess Surplus Lloyd's
Was this article valuable?
Here are more articles you may enjoy.
Businesses Pressured to Respond to ICE While Becoming a Target 
Opportunity for Private Flood Insurers With Threat of Another NFIP Lapse 
20,000 AI Users at Travelers Prep for Innovation 2.0; Claims Call Centers Cut 
Berkely Says It’s No Longer Pressured to Push for Rate ‘Across the Board’ 
