Lloyd's managing agent Vibe shuts A&H and property D&F units blaming tough market

Lloyd's managing agent Vibe Syndicate Management has closed its accident & health (A&H) and property D&F business units with immediate effect, citing "difficult market conditions".

The company's chief executive officer Joe England stated that the decision follows a thorough strategic review of the businesses.

He said: "As we continue our strategic review of the VIBE business we have decided to cease underwriting new and renewal Accident & Health and Property D&F business, until such time as the market returns to a more sustainable economic footing.

"This decision is not taken lightly, and I would like to thank the respective teams for their professionalism and commitment in the face of difficult market conditions."

England added: "VIBE is committed to providing underwriting solutions in classes where we can deliver long-term value to our customers and stakeholders as we implement our vision to build a leading specialty insurance and reinsurance business in the London market."

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