Hamilton puts Acapella into run-off
Bermudian-based re/insurer Hamilton Insurance Group Ltd has announced that it is placing Acappella Syndicate 2014 into run-off.
Acappella is a third-party-capital-supported Lloyd’s syndicate included in Hamilton’s recent acquisition of Pembroke Managing Agency Ltd, now renamed Hamilton Insurance UK Ltd.
Acappella will cease writing business with immediate effect, Hamilton said.
Pina Albo, chief executive officer of Hamilton, said: “As we completed the capital raising process at Lloyd’s, we concluded that Acappella was unlikely to produce an adequate return on capital.
“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.”
Ms Albo said she anticipated the continued smooth handling of policyholder obligations and, in that regard, Acappella policyholders will find contact information on Hamilton’s website at https://hamiltongroup.com/london/syndicate-2014/.
She said the company was in discussions with employees who are impacted by the decision.
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