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(From Post Magazine)
Byline: Ed Vinales.
No more Lloyd's insurers are expected to move any run-off portfolios to the company market this year, despite a growing interest in Part Seven transfers, a leading lawyer insisted.
Last week, Syndicate 982, which is managed by Spectrum Syndicate Management, became the first Lloyd's insurer to utilise the Financial Services and Markets Act Part VII transfer clause. UK life insurance group Sterling Life took on the book.
The success of the project, which was two years in the making, has prompted a number of capital parties and managing agents to contact Clyde and Co, the law firm responsible for managing the transfer, with a view to future transfers.
Juliet Stevens, partner at Clyde and Co, said: "Business transfers are the most busy part of the run-off business at the moment, although there are more buyers than sellers in the market."
"Lloyd's has traditionally been reluctant to conduct a Part VII transfer because ...