Hit heavily by the Sept. 11 attacks, with estimated losses from the events now reaching £125 million ($178 million), Cox insurance, which writes both retail coverage and participates in the Lloyd’s market, announced that it was pulling out of unprofitable commercial lines, and would put around £100 million ($142 million) of its Lloyd’s business into run off.
The plan is part of a restructuring of its operations, which includes plans to raise new capital. It intends to concentrate on its personal lines business, principally automobile coverage, which accounts for over 85 percent of its gross written premiums.
The company will continue to write coverage on its nuclear and aviation businesses, which have been profitable, for the current year, but plans to exit these lines as well by 2003.
Topics Excess Surplus Lloyd's
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