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Foley leaves Fairfax's Lloyd's insurer

Newline Group has parted company by mutual agreement with Phil Foley, the active underwriter of its Lloyd's Syndicate 1218, The Insurance Insider revealed last week.

Newline is the specialty insurance subsidiary of Fairfax Financial Holdings' Odyssey Re. It operates the long tail-focused Lloyd's business as well as the UK company entity, Newline Insurance Company Limited.

Foley, who was also Newline's chief underwriting officer, joined the group in 2008 from Liberty International Underwriters following the departure of predecessor Stephen Gordon to AmTrust.

Syndicate 1218 principally writes a mixture of non-US medical malpractice and pharmaceutical liability, financial institutions, professional indemnity, directors' and officers' and general liability business.

In 2012, the £105mn-capacity syndicate produced a combined ratio of 108.4 percent on net earned premiums of £85mn after suffering a net reserve deterioration of £7mn.

However, the unit made a profit of £22.1m after investment returns of £29.3mn were taken into account.

Newline did not respond to a request for comment.

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