Hamilton Insurance Group Places Acappella into Run-Off
HAMILTON, Bermuda, November 18, 2019 – Hamilton Insurance Group, Ltd. (“Hamilton”; “the Company”), today announced that it is placing Acappella Syndicate 2014 (“Acappella”) into run -off.
Acappella is a third-party-capital-supported Lloyd’s syndicate included in Hamilton’s recent acquisition of Pembroke Managing Agency Limited (now Hamilton Insurance UK Limited). Acappella will cease writing business with immediate effect.
“As we completed the capital raising process at Lloyd’s, we concluded that Acappella was unlikely to produce an adequate return on capital,” said Group CEO Pina Albo. “As conscientious stewards of both our and third-party investors’ capital, and with our focus on underwriting profitability, it was determined that the best course of action would be to discontinue the business.
“We anticipate the continued smooth handling of policyholder obligations and, in that regard, Acappella policyholders will find contact information on Hamilton’s website.
“In addition, we are currently in discussions with those employees who are impacted by this decision.”
About Hamilton Insurance Group, Ltd.
Hamilton Insurance Group is a Bermuda-headquartered company that underwrites specialty insurance and reinsurance risks on a global basis through its wholly owned subsidiaries. Hamilton leverages analytics and research to create underwriting and investment value for its clients and shareholders. For more information, please visit www.hamiltongroup.com.
Twitter: @HamiltonInsures | LinkedIn: https://www.linkedin.com/company/hamilton-insurance-group.
Wendy Davis Johnson
Chief Communications & Culture Officer
+1 (441) 707-5240