It is believed that Sirius is leaving these Marine classes because, after a strategic review, it no longer considers them as sustainable class of business for its Lloyd’s platform.

It is believed that Sirius is leaving these Marine classes because, after a strategic review, it no longer considers them as sustainable class of business for its Lloyd’s platform.

Sirius Syndicate 1945 places marine book into run-off

18th December 2017

Sirius has placed its marine cargo, treaty and yacht books of business at Lloyd’s into run off, Reinsurance can reveal.

It is understood that Syndicate 1945 will not be accepting new or renewing business on these lines of business from today (19 December).

The marine team have been given run off roles for the next six months.

It is believed that Sirius is leaving these classes because, after a strategic review, it no longer considers them as sustainable class of business for its Lloyd’s platform.

The yacht, cargo and marine XoL markets were particularly affected by the large scale loss events in the second half of 2017. But Lloyd’s mariners have struggled with the soft market even before these cat events. According to Lloyd’s 2017 interim financial results, syndicates writing marine business on the Lloyd’s platform wrote an aggregate of £1375mn in gross premiums with a small net loss of £31mn. In November, Rhode Island-based Managing General Agent Falvey Insurance Group closed its yacht and charter business following $70mn of losses being handed to Lloyd’s syndicates.

In the report of accounts filed to Lloyd’s at the end of 2016, Sirius said it planned to move towards a more balanced portfolio, signalling plans to write a wider spread of business across the portfolio in the coming years.

Syndicate 1945 reported a loss of £9.9mn for the year, with this attributed to difficult market conditions that were anticipated to continue into 2017.

Sirius Syndicate 1945 declined to comment. re