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Reinsurance to close (RITC) of Lloyd's Syndicates in Run Off.

Underwriting years of account at Lloyd's can only be closed by reinsuring the liabilities into another Lloyd's syndicate or transferring their liabilities to an authorised reinsurer (Part VII under the Financial Services and Markets Act). It is expected that most years of account will be closed by RITC. At the 31st December 2008 there were 18 syndicates with a total of 37 syndicate years of account that have not closed in the usual way at the end of 36 months. Gross reserves amounted to £2.39 billion and net reserves to £1.36 billion. Thousands of members remain trapped on these years of account. We expect to be able to continue to offer closure of the open years at a price that is acceptable to the members.



Reinsurance of Discontinued Books of Business within Lloyd's Syndicates

In addition to providing RITC quotations, we will offer bespoke solutions for discontinued books of business at Lloyd's.




The Company Market


Our parent company is a registered Insurance Company in Puerto Rico, and the Group is able to offer bespoke solutions for discontinued books of business outside of Lloyd's. The group will also look at purchasing Insurance and Reinsurance Companies in run-off.