Coverys Lloyd's syndicate to stop accepting business and renewals from next year

Pamela Kokoszka
@PostPamelaK
11 Nov 2020
Indicative reading time: 1 minute

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Coverys-backed Lloyd’s Syndicate DTW 1991 is to stop accepting new and renewal business from 31 December 2020.

Managing agency Coverys, which agreed to back it in December 2018, has put Syndicate DTW 1991 into run off.

Robin McCoy, CEO of Coverys managing agency, said: “It is with great regret that Coverys managing agency has notified Lloyd’s of its intention to put Syndicate 1991 into run off. Every effort has been made to implement remediation measures on underperforming business over the past few years, however, the results have not improved sufficiently to deliver a sustainable and long-term profitable outcome.”

The syndicate was established in January 2013 with £77m of capacity. For the accounting year of 2020, the syndicate’s capacity was £110m, according to its website.

It was led by active underwriter, Daniel Wright and deputy active underwriter, Steven Mitchell and its core business included SME commercial mono-line property, liability and package; specialist personal line products; difference in conditions; niche liability classes; personal accident; professional lines; sports, leisure and entertainment; specialist schemes and programme business; and travel.

The syndicate offered its products across the US, Canada, UK, Europe, Australia and the Middle East and North Africa.

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