Terra Nova Exiting Marine Hull, Energy

Terra Nova Insurance Company Ltd., London, says it will exit from Marine Hull and Marine Energy lines of business. Nigel Rogers, president and chief executive of the Terra Nova Group, said, "By de-emphasizing these two lines within the Company, we will be able to redeploy our capital and people resources to more attractive areas with greater profit potential—specifically our Cargo, Specie, Marine Liability and Fixed Premium P&I businesses. This move is designed to restructure our resources to bring better focus and talent to bear as we seek to enhance our service to our brokers and clients. The decision was made following an extensive ongoing review of current underwriting conditions and opportunities within the ILU (Institute of London Underwriters) market.

"This will not affect our interest in or our commitment to the Marine Hull and Marine Energy businesses written by the Terra Nova Group's two Lloyd's marine syndicates managed by Octavian Syndicate Management," Rogers concluded.