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SCOR gets OK for new Lloyd's syndicate

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PARIS—SCOR S.E. will be the sole capital provider for syndicate 2015, a new Lloyd's of London syndicate to which the Lloyd's Market Franchise Board gave its approval “in principle” this week, the reinsurer said Wednesday.

Syndicate 2015 will have initial capacity up to £75 million ($1.2 billion). Final arrangements and approval are needed, Paris-based SCOR said in a statement, but underwriting could begin as soon as Jan. 1, 2011.

Whittington Capital Management Ltd. is the managing agent of syndicate 2015.

The syndicate's portfolio is to focus on shorter-tail lines coming from markets outside the United States and excludes reinsurance treaty business, SCOR said in a statement. This will be the first time SCOR is the exclusive capital provider for a Lloyd's market syndicate.

“It constitutes a complementary route for SCOR by which to optimize the group's access to business that is not currently being underwritten,” Victor Peignet, CEO of SCOR's global property/casualty unit, said in a statement.

“This initiative was mentioned as being under consideration when we launched our new strategic plan…in September. It is fully consistent with our targets and other planned developments over the next few years,” Mr. Peignet said.