Hamilton Insurance Group is placing Acappella Syndicate 2014 into run-off.
Pina Albo, group CEO at Hamilton, said the group had concluded that Acappella is unlikely to make a return on capital. Acappella has therefore ceased writing business and Hamilton is currently in discussions with affected employees.
Hamilton acquired Acappella, a third-party-capital-supported Lloyd’s syndicate, as part of its acquisition of Pembroke Managing Agency.
Albo said: “As conscientious stewards of both our and third-party investors’ capital, and with our focus on underwriting profitability, it was determined that the best course of action would be to discontinue the business.”
Policyholder obligations will continue to be met as before, Albo added.
Hamilton Insurance, Acappella Syndicate, Pina Albo, Pembroke Managing Agency