Spectrum completes Lloyd's first
Clyde & Co today advised on the first ever Part VII transfer at Lloyd’s completed by Spectrum Syndicate Management. This is the first transfer of business from a Lloyd’s syndicate to an insurance company since legislation was enacted to enable the business transfer provisions contained within FSMA to apply to transfers of business at Lloyd’s.
Juliette Stevens, who led the Clyde & Co team, commented “The total liabilities of Lloyd’s syndicates in run-off since 1993 is over £7bn, across over 104 open syndicate years. This transfer means that
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