Victor to put Syndicate 2288 into run-off
Victor Insurance, the world's largest managing general underwriter (MGU), today announced it is to put its Victor Syndicate 2288, based at insurance market Lloyd's, into run-off. The decision follows high levels of natural catastrophe losses in North America in 2020 and in recognition of the capital costs associated with continuing to operate the syndicate.
The management of Victor and Syndicate 2288, which wrote business exclusively for Victor and its affiliate ICAT, will work with Victor's capacity providers to ensure a smooth transition for affected coverholders, especially those currently renewing business.
Commenting on the announcement, Brian Hanuschak, CEO of Victor Insurance, said: “In looking for more capital-efficient ways to support our coverholders, following high levels of natural catastrophe losses in North America in 2020, we decided to put Syndicate 2288 into run-off. We will ensure our coverholders in North America, the UK, and Europe have options to support their business and we will work with our existing capacity providers to deliver a seamless transition. Victor will continue to place a significant volume of business into the Lloyd's market through delegated authorities.”
Victor Insurance is the world's largest managing general underwriter with locations in the US, Canada, UK, Netherlands, Germany, Italy and Australia. It handles more than $1.6 billion in premium on behalf of numerous insurance carriers, through a large network of more than 25,000 active insurance agents and brokers. With deep, specialized underwriting expertise, the company provides a wide range of insurance coverage - from specialty property and casualty and professional liability insurance to group and retiree benefits. Victor Insurance is committed to building on 60-plus years of experience to develop products that address risk in new and evolving areas. For more information, visit www.victorinsurance.com.