CNA Hardy has become the latest Lloyd’s carrier to scale back its marine business as it pulls out of the hull market, Re-Insurance can reveal.
It is understood that several jobs are at risk as a result of the carrier’s decision to leave parts of the marine market.
The hull team includes Tim Howard-Smith, a senior underwriter, who works alongside marine hull underwriter Deepa Nathvani.
The syndicate underwrites a marine portfolio of cargo, hull, liability, transport and logistics as well as cargo and specie.
In its 2017 Lloyd’s report and accounts, Syndicate 382 made a loss of £34.2mn and posted a combined ratio of 116.3 percent.
It booked £319.6mn in gross written premium and reported claims net of reinsurance of £206mn.
While the carrier does not break out the size of its marine book - its marine, aviation and transport segment made a loss of £10.4mn in 2017. The year before it lost £7.7mn.
News of CNA Hardy’s departure from the hull market follows Markel International’s exit from marine equipment business yesterday.
A CNA Hardy spokesperson confirmed it was exiting the hull market.