Syndicate 5678 announces run-off

The board of VIBE Syndicate Management (“VIBE”), announced today (8th November 2019) that, effective 31 December 2019, Syndicate 5678 at Lloyd’s will be placed into a planned runoff.
Joe England, CEO, said: “It was with considerable regret that our board reached the conclusion that the business does not have the right scale to thrive in the current market environment. On this basis, we have taken the difficult decision to cease underwriting and place the business into a solvent and orderly run-off process.
“Our ambition was to grow the business and we have been actively seeking additional capital to create a sustainable and profitable Lloyd’s and London market business. The regulatory and organisational requirements of today’s insurance market require carriers to reach sufficient scale to absorb required operating costs. However, we were not able to secure the support we need to grow our Lloyd’s platform to achieve that scale in a reasonable timeframe.
“During this planned run-off we will ensure that valid claims continue to be met, that business relationships and portfolios with brokers and clients are transferred as efficiently as possible, and that our staff are fully supported through the transition.”

SYNDICATE 5678

INSURANCE

Syndicate 5678 offers products in a number of insurance classes, including Financial Institutions, Professional Indemnity, Accident & Health, North American Specialty Programs and Property Direct & Facultative. Click the links below to find out more about our highly experienced team.

REINSURANCE

Syndicate 5678 offers Accident & Health Treaty, Casualty Treaty, Property Treaty and Credit, Surety, Political Risk & Terrorism Treaty Reinsurance. Click the links below to discover more about what we offer, and our outstanding team.

LEGACY

Syndicate 5678 was originally formed to specialise in Reinsurance to Close contracts at Lloyd’s. The team has an excellent reputation in this field and continues to quote for legacy business. Click the links below to learn more.

While the managing agent and syndicate were formed initially to help deal with the very real problem Lloyd's faced at the time caused by the large number of unnaturally open years, which trapped thousands of names and billions of pounds, it was our intention to broaden the scope of our business by forming or acquiring a live underwriting operation.

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