Hamilton Insurance Puts Acappella Into Run-Off
Hamilton Insurance Group today 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 Limited [now Hamilton Insurance UK Limited]. Acappella will cease writing business with immediate effect.
“As we completed the capital raising process at Lloyd’s, we concluded that Acappella was unlikely to produce an adequate return on capital,” said Group CEO Pina Albo.
“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.
“We anticipate 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/
“In addition, we are currently in discussions with those employees who are impacted by this decision.”
