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Scandinavia monitors developments in British marine insurance closely

A number of insurance syndicates have closed down or significantly downscaled on marine insurance at Lloyd's of London after the British insurance giant posed them with an ultimatum. The Nordic countries are closely following the development, where there has been a turnaround in premiums following several years of decline.

Lloyds of London. | Photo: /Ritzau Scanpix/AP/Lefteris Pitarakis

During the last year, a large number of syndicates at Lloyd's of London have, according to information ShippingWatch has obtained, closed it marine insurance departments or significantly down-scaled on the area. Some of the syndicates are Amtrust, Channel Syndicate, Barbican and Advent.

The withdrawal from the marine market happens after Lloyd's of London presented a GBP 2 billion deficit last year, GBP 468 million of which came from the marine syndicates. This prompted the British insurance exchange to set rigorous demands for the syndicates on the exchange.

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