The specialist said it will cease underwriting London market business and begin the run-off of the existing portfolio of its subsidiary Ecclesiastical Underwriting Management.
The operation, set up in 1989 to write worldwide property risks, will stop writing new business and renewals from 30 September. The decision comes as EUM’s manager and underwriter Kevin Cannon, who has been leading the business since its establishment, announced his plans to retire. The insurer said that Mr Cannon’s retirement, coincided with its plans to concentrate on its “core business” and build upon its position as a specialist insurer, lead to the decision to cease underwriting London market business.
Commenting on the decision, Steve Wood, managing director of Ecclesiastical’s UK and Ireland business, said: “When the operation began in 1989 it was very much in line with our development at the time. However, as we have grown as a specialist insurer, London market is no longer a focus for us. We have a clear vision for our core business in the care, charity, faith, education and heritage niches over the next few years. In order to achieve our plans we have to concentrate on these key areas and limit our efforts elsewhere.
“EUM has produced exceptional results for us over the years. Since 1989 it has greatly contributed to the overall success of the Ecclesiastical group and has delivered notable underwriting profits. Tremendous results have been achieved through the excellent performance of a small dedicated team who will now manage the run-off of the account.”
