NU Online News Service, Nov. 3, 3:24 p.m. EDT
Lloyd's Market Franchise Board gave its "in principle" approval for the creation of Syndicate 2015, SCOR announced.
Final arrangements and approval could lead to the commencement of underwriting as early as Jan. 1, 2011 on a risk inception basis.
SCOR said it will be the sole capital provider of Syndicate 2015, the initial stamp capacity of which is ?75 million ($120.5 million at current exchange rate).
The envisaged portfolio has a strong focus on shorter tail lines coming from markets outside the U.S. and excludes reinsurance treaty business, SCOR said.
Whittington Capital Management Ltd, part of Whittington Group, will be the managing agent of Syndicate 2015.
SCOR said its support of Syndicate 2015 reflects the company's intention to further develop an insurance platform.
Victor Peignet, SCOR's chief executive officer, Global P&C, said in a statement, "We are very pleased to support this new syndicate 2015 on the Lloyd's Market managed by Whittington Capital Management Ltd. It constitutes a complementary route for SCOR by which to optimize the group's access to business that is not currently being underwritten. Lloyd's has certainly proven to be a very efficient platform from which to underwrite business, benefiting from its reputation and global reach."
Whittington, headquartered in Singapore, said the next step is to work with Lloyd's to finalize the arrangements and to secure final approval to begin underwriting effective Jan. 1, 2011.
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