LONDON (Reuters) – Bermuda-based Hamilton Insurance will no longer write new business through its Lloyd’s of London syndicate Acappella, it said on Monday.
Hamilton bought Acappella as part of its recent acquisition of Lloyd’s insurer Pembroke.
“As we completed the capital-raising process at Lloyd’s, we concluded that Acappella was unlikely to produce an adequate return on capital,” Hamilton Group Chief Executive Pina Albo said.
“It was determined that the best course of action would be to discontinue the business.”
(Reporting by Carolyn Cohn; editing by Simon Jessop)