Advent Group has cut down its hull and cargo insurance as the Lloyd’s market calls for its syndicates to shape up and return to profitability.
The Lloyd’s syndicate 780 said it will continue with some lines of marine insurance, but at current pricing in the markets, it could not sustain profits.
In a statement to TradeWinds, Advent said: “Following a number of years of inadequate pricing in the London transactional hull and cargo classes of business, we have concluded that there is limited prospect of a return to profitability at a market level and have, therefore, taken the decision to cease writing open market business in...
