LONDON (Bloomberg) — Bermuda-based Hiscox Ltd., a Lloyd's of London insurer, said capacity at its Syndicate 33 in 2009 will be £600 million ($1.2 billion), £100 million less than in 2008.

Capacity will decline 14 percent, the insurer said yesterday in a statement.

The company is considering a new syndicate, wholly owned by Hiscox, which may underwrite business currently underwritten by Syndicate 33, the statement said. Syndicate 33 is 71 percent owned by Hiscox and 29 percent by other investors.