Bermudian (re)insurer Argo will not proceed with a special purpose syndicate (SPS) at Lloyd's to support its 2013 underwriting, The Insurance Insider understands.
One source close to the Names community said Argo was
essentially "filibustered" from getting the plans off the
ground in time for the 2013 year of account due to Lloyd's
members agent Hampden determination to ensure the syndicate would
not be effectively dilutive to existing capital providers on the
main Syndicate 1200.
SPSs are sidecar-style structures that...
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