“As we completed the capital raising process at Lloyd’s, we concluded that Acappella was unlikely to produce an adequate return on capital.”
Those were the words of Hamilton Insurance Group boss Pina Albo when it was announced that Acappella Syndicate 2014 is being placed into run-off and will cease writing business effective immediately.
“As conscientious stewards of both our and third-party investors’ capital, and with our focus on underwriting profitability, it was determined that the best course of action would be to discontinue the business,” stated the group chief executive, who noted that they are currently in discussions with the impacted employees.
The third-party-capital-supported Lloyd’s syndicate was part of Hamilton’s recent acquisition of Pembroke Managing Agency Limited, which is now known as Hamilton Insurance UK Limited.
Albo added: “We anticipate the continued smooth handling of policyholder obligations and, in that regard, Acappella policyholders will find contact information on Hamilton’s website.”
Hamilton’s announcement comes hot on the heels of Pioneer Underwriters’ strategic update in which it revealed its board’s decision not to proceed with Pioneer Syndicate 1980 for 2020. Similarly, earlier this month VIBE Syndicate Management said Syndicate 5678 will be placed into a planned run-off effective December 31.
