Anchor Underwriting Managers

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Anchor Underwriting wins Paumanock run-off contract, claims Spencer-Arscott

Anchor Underwriting Managers has won a contract to run off its main client, Paumanock Insurance, Anchor chairman and chief executive officer Robin Spencer-Arscott revealed last night."Contrary to reports, I'm happy to say that we'll be handling the Paumanock run off," said Mr Spencer-Arscott.

Paumanock goes into run-off

Paumanock Insurance Company Ltd, the Bermuda-based reinsurance subsidiary of the Grumman Corporation, has ceased underwriting and is to go into run off.No official reason has been given for the move which sent shockwaves through the island's insurance community. However, it is believed that Grumman is preparing to sell the Bermuda subsidiary.