The Standard Club has today announced that it is withdrawing from underwriting at Lloyd’s from 2019.
The club established a syndicate in 2015 to underwrite marine and energy risks. It represented one strand of the club’s broadly-based strategy to provide its members with a wider range of insurance covers to meet their needs and diversify the club’s source of revenues.
The club remains committed to these strategic aims but it has concluded that current overcapacity and a weak pricing environment have made Lloyd’s a challenging environment for it to develop a profitable underwriting business with sufficient scale.
The club is exploring alternative approaches to provide its members with additional insurance covers, including establishing an underwriting agency, to build on the strong base established through the Lloyd’s initiative.
The full press release making the announcement is available on the right.