Lloyd’s will close syndicates that can’t make profits
Friday, 09 21 2018, Category: Insurance and Reinsurance, Country: United Kingdom
Lloyd’s syndicates have just weeks to submit a business plan mapping a route to profits, and those that fail will be closed, Jon Hancock, performance management director of Lloyd’s, confirmed to Monte Carlo.
“If they cannot see a route to profit, we expect their backers to shut them down anyway; if they do not, we will step in and close them,” he said.
Source: Intelligent Insurer