The U.K.’s Omni Whittington has confirmed that its managed Syndicate 1224 has been reinsured to close into Syndicate 1084 effective December 31, 2005.
“Syndicate 1224 commenced trading in 1997 and ceased accepting new and renewal business in September 2000,” the bulletin explained. “It had a capacity of £35 million [$60 million] for all four years of account. At the time of the novation of the management of Syndicate 1224 to Omni Whittington’s own managing agency in April 2001 the intention was to seek closure at the earliest opportunity.”
Omni Managing Director Neil Deshpande, commented: “Securing the reinsurance to close continues our record of successfully closing the syndicates in run-off under our management. This is good news for the capital provider and the Lloyd’s market which will also benefit from a reduction in the number of current open years.
“Omni Whittington will now focus on achieving finality for its other managed syndicates and winning new contracts with syndicates in run off.”
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