Lloyd's franchise board has given in principle approval to Brit Limited, a global specialty insurer, for the launch of a new syndicate, Syndicate 2988, which proposes to begin underwriting business attaching on or after January 1, 2017, subject to completion of the final “Making it Happen” stage of Lloyd's application framework.
The new syndicate will be managed by Brit Syndicates Limited, Brit's Lloyd's managing agent, which also manages Brit's Lloyd's Syndicate 2987 and holds Chartered Insurer status.
Syndicate 2988 will have a capacity of £52 million ($82 million) for its first year of trading and is to be supported by private Lloyd's members. Underwriting will be undertaken by Brit's existing teams and the syndicate will write a global portfolio of both insurance and reinsurance across a range of specialty lines in which Brit already has product offerings.
Matthew Wilson, Brit Group deputy chief executive officer and Brit Global Specialty chief executive officer, commented, “I am delighted to announce the launch of Syndicate 2988. Brit is the largest business writing solely on the Lloyd's platform and we believe this focus is a key differentiator for us.
“Syndicate 2988 will help us further position Brit as the specialist underwriter of choice, building on our existing strength across underwriting, claims and capital management, and track record of delivering attractive returns for capital providers.”
Learn more: http://www.britinsurance.com/.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].