Insights
Departure of Richard Wood from Lancashire syndicate 2010
Posted 11/07/2023 – Quick takes
We have recently been advised that Richard Wood, head of D&F underwriting at Lancashire syndicate 2010 has resigned after completing the all important 1/7 renewals. Lancashire confirmed to us that 95% of the binders and 70% of the open market income for 2023 have been written to date. The D&F book will be managed by the existing team including Colette Murphy (ex Brit) and Richard Hardcastle (ex-Apollo), under the guidance of Matthew Narbett, the Active Underwriter, and there is currently no plan for Richard to be replaced.
Alpha comment
Richard had been at the syndicate since 2005 and has been contributing useful profits to the overall result in most of these years. It is a loss to the syndicate and we do not yet know where he will reappear and what effect that might have on the Lancashire book going forwards.
