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.”
Was this article valuable?
Here are more articles you may enjoy.