NU Online News Service, June 10, 4:05 p.m. EDT
Chubb Insurance Company of Europe SE said it has received approval from the Lloyd's Franchise Board to establish a new syndicate, which will be named Chubb 1882.
The syndicate will commence underwriting on June 14 for business incepting from July 1.
Chubb 1882 will be managed by a newly created Lloyd's managing agency, Chubb Managing Agent Limited (CMAL), which is authorized by the Financial Services Authority in the UK, the carrier said.
The name Chubb 1882 is taken from the year Chubb was founded.
The syndicate will write a variety of business, including traditional marine and professional indemnity and specialist classes such as technology, Chubb said.
Rob Cage, previously Chubb's United Kingdom head of commercial business, will be the active underwriter of Chubb 1882, with principal authority to write business. Chubb 1882's capacity for the remainder of 2010 is ?41.5 million ($60.8 million at the current exchange rate).
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