St. Paul Launches New Lloyd's Syndicate

By Lisa S. Howard, International Editor

NU Online News Service, Nov. 26, 1:18 p.m. EST, London?St. Paul at Lloyd's has launched its newly-created corporate syndicate, Syndicate 5000, which will begin underwriting non-life business at Lloyd's on behalf of The St. Paul Companies in 2003.

The formation of Syndicate 5000, successor to Syndicate 1211, is the culmination of a two-year strategy to consolidate the company's non-life business into a single syndicate, St. Paul said.

When St. Paul first invested at Lloyd's, its seven syndicates were of a mixed capital base, supported by St. Paul as well as by individual Lloyd's members, Sangita Ladwa, a St. Paul representative, told National Underwriter.

Over the years, St. Paul has acquired the capacity provided by the Names, "so private capital is no longer supporting the syndicate," she said.

"If you have a number of syndicates in that situation, as you acquire the capital, it makes sense to merge the capacity on those syndicates so that you're not replicating syndicate costs," she said.

For the 2003 year of account, the company will, via the single syndicate, offer marine, aviation, property, and specialist personal lines, under the trading name of Cassidy Davis Insurance Group, St. Paul said in an announcement.

Then St. Paul will provide ?435 million of capacity (U.S. $674 million) for the syndicate during 2003.

Syndicate 779, Cassidy Davis Life, managed by St. Paul at Lloyd's, continues to trade independently, and remains supported by St. Paul as well as individual Lloyd's members.

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