Talbot to close in Australia and ChinaMay 27 2019 by InsuranceAsia News Staff
Talbot Underwriting, part of AIG-owned Validus Holdings, is closing its Australian office in Sydney and office in Shanghai, and will service renewals through its Singapore and London branches, the company confirmed on Friday (May 24).
The company said in a statement: “Our office in Australia and Talbot division of Lloyd’s China will now close. We intend to renew business currently written by these two offices through our Singapore and London offices. We are evaluating our crisis management/product recall strategy.”
“We are combining our regional underwriting capabilities into a single hub based in Singapore. This unification of operations will allow us to better serve our clients’ needs.”
It is understood staff were told last week that the office will close on July 1, and that employees are facing redundancy.
“In instances such as these, we would always explore redeployment options as a priority for our colleagues affected by any office changes,” Talbot said.
Talbot Underwriting chief executive David Morris said: “With the support of our brokers and clients, our offices have built strong relationships and significant regional expertise in writing insurance and reinsurance.”
“These changes to our structure will allow us to serve our clients more efficiently and bring enhanced value to all our partners in the region.”
It writes business from its Lloyd’s Syndicate 1183, which made a US$63.7 million loss last year, according to its 2018 annual report.
Last year, Talbot closed its Dubai operation and stopped underwriting construction and aviation.
The move also comes at a time when Lloyd’s has been encouraging syndicates to focus on profitable books and to clamp down on expenses.
- February 11
Rates are hardening and the future is bright at Lloyd's Singapore argues the CEO.
- February 10
The move replaces Lloyd's paper at the underwriting agency.
- February 7
A more hands-on approach is needed as Will Ho takes on leadership.
- February 5
Head of reinsurance Asia to step up as Clarke steps down.