Lloyd’s of London has delivered a stark warning to syndicates writing unprofitable marine insurance business: come up with a remediation plan, or face the axe.
Unprofitable hull and machinery business are key concerns for the regulator, but the crackdown will also target cargo and yacht underwriting.
Although the hull market may have bottomed out, it appears that Lloyd’s has lost patience with underperforming syndicates and is demanding speedy action to achieve profitability.
