Lloyd’s Syndicate 529 shut down

The license of non-marine syndicate 529 has been revoked by the Lloyd’s Regulatory Board. The action prohibits the syndicate’s managing agency, Sterling Underwriting Agencies Ltd., from underwriting or renewing business at Lloyd’s of London through the syndicate. In July, Lloyd’s ordered 19 syndicates, including syndicate 529, to increase their capital base for 2001. Sterling also serves as the managing agency for marine syndicate 1093.