Hamilton Insurance Group, Ltd., 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 has ceased writing business, Hamilton said in a statement.
"As we completed the capital raising process at Lloyd's, we concluded that Acappella was unlikely to produce an adequate return on capital," said Hamilton's group chief executive officer, 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.
"In addition, we are currently in discussions with those employees who are impacted by this decision."
Learn more: www.hamiltongroup.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].