Travelers to cease writing cargo at Lloyd’s, claims report

The Lloyd’s arm of US-based insurer Travelers will be exiting cargo business at Lloyd’s, according to a report in The Insurer.

Travelers Syndicate 5000 currently offers marine cargo, hull, ports & terminals insurance, marine professional indemnity and UK port and harbour. Its cargo business has a maximum capacity of $50m for oil majors and project cargo, and $25m for all other commodity sectors.

For 2018 the syndicate’s MAT division had GWP of £68.35m, down from £76.95m the year before.

On the technical account for 2018 it booked a loss of £29.91m on gross written premiums of £354.0m. The syndicate’s total comprehensive loss for the year was £27.46m, compared with a loss of £101.7m in 2017.