Lloyd’s syndicates reluctant to cut back 2011 capacity
Despite dismal underwriting prospects, so far only three Lloyd's syndicates with third-party capital have proposed an actual cut in 2011 capacity during the early stages of business planning for the next underwriting year.
According to sources, Hiscox Syndicate 33, Argo Syndicate 1200 and ICAT Syndicate 4242 are the only Lloyd's insurers applying to de-empt their capacity levels for 2011, in the first round of business plan applications for syndicates with unaligned capacity.
However, business plans from the market point to...
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