Lloyd’s insurer Blenheim Underwriting is exiting the property treaty reinsurance market. Blenheim is a wholly-owned subsidiary of White Bear Capital. Blenheim Syndicate 5886 commenced trading in 2017 as a new independent Lloyd’s syndicate. In a statement, Blenheim says: “Blenheim Underwriting can confirm that with effect from 1 June 2023 Blenheim Syndicate 5886 will cease to underwrite the property treaty reinsurance book.” Blenheim adds: “We will continue to service all existing policies and will ensure an efficient runoff.” This follows Alix Capital Holdings’ withdrawal from the property reinsurance business last year, which was due to the increasing effects of climate change and the challenging catastrophe reinsurance market.
