Chaucer-managed Lloyd's Nuclear Syndicate 1176 is planning to drop material reinsurance protection for the £210mn maximum line it offers nuclear pools for the 2012 year of account.
The highly profitable syndicate, which has historically been one of Lloyd's star performers, said that the effect of dropping reinsurance protection would be to almost double the potential loss as a percentage of capacity from a single nuclear event from approximately 350 percent of capacity to approximately 660 percent.
The syndicate said that...
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