Lloyd's of London Syndicate 1200 plans to exit underwriting operations in Asia owing to "unsustainable" combined ratios for the business.
The syndicate also plans to exit most of its hull underwriting business for a similar reason. The Asia business and hull underwriting each accounted for less than 3% of Syndicate 1200's gross written premium in 2018.
Writing certain hull risks on a limited basis through Syndicate 1200 from Dubai will be considered. All existing policies remain valid and claims handling will be managed through London.
Syndicate 1910's business, including its growing Hong Kong-based renewable energy business, is unaffected.
Syndicates 1200 and 1910 are managed by Argo Group International Holdings Ltd.'s Argo Managing Agency Ltd.
