Channel Syndicate 2015 has joined the snowballing departure of marine insurance capacity from the Lloyd’s of London market.
Channel’s decision to end its hull and cargo business comes a week after the Standard Club said it will run down its Syndicate 1884 from next year.
The moves are being taken as a sign that Lloyd’s director of performance management, Jon Hancock, is turning up the heat on syndicates to reduce or close marine exposure, which is one of the largest loss-making lines in the market.
