Quanta Capital Holdings Ltd. announced last week it has placed most of its remaining specialty insurance and reinsurance lines into runoff.
The company's Lloyd's syndicate and environmental consulting business, ESC, are not in the runoff plan and will continue to seek new business.
The Bermuda-based carrier has not set a date as to how long the runoff will last.
The decision includes the runoff of all of Quanta's remaining U.S. specialty lines, as well as its Bermuda reinsurance operations and its Quanta Europe subsidiary.
The remaining U.S. specialty insurance lines placed into runoff consist of the program business including the HBW program, professional liability, environmental, fidelity and crime, and structured products.
The decision follows previous exits from property, casualty and marine and aviation reinsurance, technical risk property insurance, surety, trade credit and political risk insurance.
Under an agreement also announced last week between Quanta and Liberty International Underwriters, Liberty and its affiliate companies will acquire the renewal rights of Quanta U.S. Holdings Inc.'s environmental liability business and contemplate hiring certain key staff in this business line.
Quanta's chairman, James J. Ritchie, said the decision of A.M. Best to downgrade Quanta below the “A” level in March significantly impacted the carrier's ability to write attractive business.
On Friday, A.M. Best said the insurance company's ratings remain under review with negative implications and that it expects to complete the review process very soon.
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