Vibe syndicate enters run-off

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Syndicate 5768 will stop underwriting as of the end of this year as it fails to secure enough support.

Vibe Syndicate Management is to put Syndicate 5768 into run-off.

The business published a statement today (8 November) which said that the planned run-off would begin on 31 December this year.

Vibe CEO Joe England said the business simply wasn’t large enough to absorb its operating costs.

Scale
He explained: “It was with considerable regret that our board reached the conclusion that the business does not have the right scale to thrive in the current market environment.

“On this basis, we have taken the difficult decision to cease underwriting and place the business into a solvent and orderly run-off process.”

England continued: “Our ambition was to grow the business and we have been actively seeking additional capital to create a sustainable and profitable Lloyd’s and London Market business.

“The regulatory and organisational requirements of today’s insurance market require carriers to reach sufficient scale to absorb required operating costs. However, we were not able to secure the support we need to grow our Lloyd’s platform to achieve that scale in a reasonable time-frame.”

Transfer
England said that valid claims would continue to be met and reassured brokers that business relationships and portfolios would be transferred as efficiently as possible. He also pledged that staff would be fully supported through the transition.

The move follow’s Vibes closure of a number of business units in September this year. The Lloyd’s MGA closed its accident & health and property D&F units and stopped underwriting new and renewal business immediately.

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