Kiln set to reduce capacity in 2008

Lloyd’s insurer Kiln has announced plans to reduce its capacity by 14% next year.

The company, which manages Kiln’s four syndicates at Lloyds, says it made the decision “in light of expected competition in certain classes of business next year.”

Kiln operates in reinsurance, accident and health, aviation, marine and special risks and property.

Chief executive officer Edward Creasy said: “This reduction in capacity for 2008 is consistent with our long held strategy of underwriting for profit rather than volume.

“Our underwriters continue to maintain discipline where they see rate reductions and there are still areas of considerable opportunity in the market. We are applying our efforts to those sections of our portfolio where we see good potential and long term benefit for our capital providers.”