Hamilton, Bermuda-based Sirius International Insurance Group Ltd. has obtained approval to operate a managing agency at Lloyd’s of London, Sirius announced Tuesday.
The managing agency, Sirius International Managing Agency, will manage Sirius’ multiline syndicate 1945.
Syndicate 1945, which has capacity of Ł98.7 million ($168.1 million), until now has been managed by London-based Asta Managing Agency Ltd.
The decision to create an integrated Lloyd’s vehicle reflects its growing commitment to Lloyd’s “with the intention of increasing capacity and activity when conditions allow,” Sirius said in a statement.
The managing agency also would provide its ultimate parent company, Hamilton, Bermuda-based White Mountains Insurance Group Ltd., a channel to the Lloyd’s market, Sirius said.
“This is a natural progression for Sirius. Our syndicate has already demonstrated the value of having a presence at Lloyd’s, both for ourselves and for our clients and brokers,” said Michael Dashfield, CEO of Sirius International, in a statement.