Lloyd’s managing agent Sportscover has disproved rumours that it needs fresh funds for its Syndicate 3334 to come into line (CIL) at the end of the month.
Steve Boucher, marketing and international development director of Sportscover, told Intelligent Insurer that he was aware of rumours to this effect but said they were without substance and factually incorrect.
Boucher said that the Lloyd’s Market had provided written confirmation that Sportscover does not require any fresh funds for its syndicate. In an email seen by Intelligent Insurer, Lloyd’s confirms that the syndicate requires no new funds in relation to the CIL exercise in June 2014.
Boucher added that the business had no issue from a solvency perspective and Sportscover has funds well in excess of what is required.
The CIL process is a biannual procedure currently undertaken in June and November each year which requires Lloyd’s members to demonstrate that they have sufficient eligible assets to meet their current underwriting liabilities and to support future underwriting before they may underwrite for the next following year of account.
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Sportscover, Steve Boucher, Europe, Lloyd's