Lloyd's of London Syndicate 1200 has ceased writing new onshore energy business in London and will be placing its approximately £20 million-premium book into run-off, The Insurance Insider reported, citing sources.
After reviewing its portfolio, Argo Group International Holdings Ltd.'s syndicate has reportedly decided to write ongoing onshore energy business in Bermuda, including downstream and power generation businesses.
Underwriters for onshore energy, Jodi Davenport and Elizabeth Mitchell, have reportedly already left the business, while marine and energy technical head Bruce Rodger may also depart, according to the report, citing sources.
The syndicate said the changes were made to fully optimize efficiencies and simplify access to resources for its global brokers and clients. A poor loss record in the market and Argo's smaller book size have also affected the decision, sources told The Insurance Insider.