View this article online: https://www.insurancejournal.com/news/international/2019/09/16/539992.htm
VIBE Syndicate Management (VIBE), announced the closure of its Accident & Health and Property Direct & Facultative (D&F) business units with immediate effect.
“As we continue our strategic review of the VIBE business we have decided to cease underwriting new and renewal Accident & Health and Property D&F business, until such time as the market returns to a more sustainable economic footing,” said Joe England, group CEO of VIBE and Syndicate Holding Corp. (SHC), the holding company for VIBE, the managing agency of VIBE Syndicate 5678.
“This decision is not taken lightly, and I would like to thank the respective teams for their professionalism and commitment in the face of difficult market conditions,” he added.
“We will be communicating with all customers and brokers concerned to support an orderly transition. VIBE is committed to providing underwriting solutions in classes where we can deliver long-term value to our customers and stakeholders as we implement our vision to build a leading specialty insurance and reinsurance business in the London market.”
Syndicate Holding Corp. (SHC) also is the holding company for VIBE Corporate Member, VIBE Services Management, and Inceptum Insurance Co. The company is owned principally by Pine Brook Road Partners, LLC and Quantum Strategic Partners Ltd.
Source: Syndicate Holding Corp (SHC)