The U.K.’s Goshawk Insurance Holdings announced that it will exit the Lloyd’s market due to a series of losses dating back to 2001, and will henceforth concentrate on Goshawk Re its Bermuda-based reinsurance operation.
The company will take a £35 million ($59.4 million) restructuring charge to cover the expenses of putting its syndicate 102 into run-off. It confirmed that the move will not adversely affect policyholders, who will continue to be fully covered.
Goshawk raised £101 million (around $143 million at the time) in Nov. 2001, but did not use the funds to recapitalize its Lloyd’s business. It started the Bermuda insurance operation instead, and, as one of the island’s newer companies, has profited from the strong demand for reinsurance in the current hard market cycle.
Topics Excess Surplus Lloyd's
Was this article valuable?
Here are more articles you may enjoy.
20 Years After Hurricane Katrina: Are Insurers Ready for a Different $100B Disaster? 
Remember the Fall of Patriot National? Trial in Suit vs. Mariano’s Lawyers to Begin 
US P/C Industry Books Best Result in a Decade but Not All Lines Enjoy Success 
After Losing Job and Crypto, Man Falsely Claimed $1.3M From 107 Class Actions 
