Sagicor at Lloyd’s quits casualty treaty
Sagicor at Lloyd’s is pulling out of the casualty treaty arena, five months after withdrawing from property treaty.
A casualty treaty team led by former Liberty International’s casualty manager Graeme Brydon and ex-QBE treaty underwriter Stuart Dale was recruited by Sagicor in 2009.
At the time Sagicor at Lloyd’s heralded a major advance into the treaty world, also recruiting Luke Roden, from Endurance Specialty, to spearhead the property treaty operations.
But in April this year Sagicor at Lloyd’s closed that property treaty division as part of a “corrective actions” demanded by the Caribbean-based parent after what it termed “very poor returns from our global property/casualty business, operated through our UK subsidiary”.
Geoff Halpin, chief executive and active underwriter for Sagicor at Lloyd’s, stated: “Casualty treaty reinsurance is no longer considered a core line for the Syndicate within its prospective 2012 underwriting plans. The decision has therefore reluctantly been taken to close this line of business”.
“I would like to express my thanks to the underwriting team led by Graeme Brydon for its commitment to the development of the existing portfolio”.
