Zug, Switzerland-based Allied World Assurance Co. Holdings A.G. has received approval to set up a managing agency at Lloyd's of London, it announced Monday.
Allied World Managing Agency Ltd. will begin operations on Tuesday managing Allied World's multiline syndicate 2232.
Syndicate 2232 began operating in June 2010 and previously was managed on a third-party basis by Capita Managing Agency.
The syndicate targets territories in the Asia Pacific and Latin America regions as well as in the Middle East and Africa, among other things, and has capacity for 2014 of Ł121 million ($201.3 million).
“Launching our own managing agency at Lloyd's has been a primary objective for our team,” Darren Powell, active underwriter for syndicate 2232, said in a statement.
“The establishment of Allied World Managing Agency Ltd. at Lloyd's is another significant step for our European platform,” Julian James, president of Allied World's European operations, said in the statement.
The managing agency received regulatory approval from Lloyd's and the U.K.'s two insurance regulators, the Prudential Regulation Authority and the Financial Conduct Authority.