Insurance-linked securities (ILS) fund manager Securis Investment Partners LLP, which in October pointed to profit woes, is about to say goodbye to its excess and surplus (E&S) property insurance partner StarStone.
Come next year, the two will no longer collaborate on E&S property risks.
“StarStone and Securis have taken the decision to discontinue their partnership for 2019,” Artemis quoted the global specialty insurer as saying in a joint statement with Securis. “This follows a strategic underwriting review of all StarStone lines of business to ensure that its underwriting portfolio in 2019 aligns with risk appetite.
“As a result, StarStone has concluded it will no longer be able to support Securis’s growth ambitions within the property excess and surplus lines segment.”
The move comes after it was previously revealed that the ILS manager will be shifting its focus.
This was also highlighted in the latest statement, which noted: “Similarly, following their exit from Lloyd’s and the discontinuation of SPA6129, a special purpose arrangement at Lloyd’s also exposed to property excess and surplus lines, Securis’s overall strategy relating to the segment has been under review.”
Vegard Nilsen, chief executive at Securis, was cited in an earlier report as describing the firm’s Lloyd’s activities as not making enough money at present.