“This decision is not taken lightly, and I would like to thank the respective teams for their professionalism and commitment in the face of difficult market conditions.”

Those were Joe England’s parting words when it was announced that the accident & health and property D&F (direct and facultative) business units of VIBE Syndicate Management have been closed effective immediately. England is group chief executive of VIBE and its holding company Syndicate Holding Corp.

The insurance boss said in a statement: “As we continue our strategic review of the VIBE business, we have decided to cease underwriting new and renewal accident & health and property D&F business, until such time as the market returns to a more sustainable economic footing.”

At the same time, England offered assurances that the Lloyd’s managing agent will be communicating with all affected customers and brokers to support an orderly transition.

“VIBE is committed to providing underwriting solutions in classes where we can deliver long-term value to our customers and stakeholders as we implement our vision to build a leading specialty insurance and reinsurance business in the London market,” he added.