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.”