MGA issues 30 day notice on its waste business
Montpelier-owned Paladin Underwriting Agency has issued a 30 days notice of cancellation to brokers on all existing waste and recycling policies, Insurance Age has learnt.
An email the insurer said: "Paladin gives 30 days notice of cancellation direct to the insured on all policies effective tomorrow, meaning cover will cease on all policies at 11:59pm on 5 August 2011."
Last December, Paladin announced it was not seeking to renew its waste and recycling risks account for 2011, due to rates falling to levels it considered unsustainable.
The Bermudian reinsurer launched the London-based managing general agent in December 2009, to underwrite on behalf of its Lloyd's
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