China Re gets Lloyd's OK for change to stand-alone syndicate in 2015
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China Reinsurance (Group) Corp. has received approval from Lloyd’s of London to transform its existing special purpose syndicate into a stand-alone syndicate.
China Re syndicate 2088 will be managed by Catlin Underwriting Agencies Ltd., a subsidiary of Catlin Group Ltd., according to a joint statement released Friday by Catlin and China Re.
The new syndicate will underwrite a diversified book of business, initially focusing on reinsurance, beginning Jan. 1.
The formation of the China Re syndicate, which is projected to underwrite premiums of approximately £120 million ($188.0 million) in 2015, marks the first time that a Chinese-owned company has established a Lloyd’s syndicate writing open-market business, according to the statement.
“Syndicate 2088 continues the strategic partnership that China Re and Catlin established in November 2011,” said the statement. “As part of that partnership, China Re established a special-purpose syndicate at Lloyd’s which has written whole-account quota share reinsurance for syndicate 2003. Syndicate 2003 is the largest syndicate at Lloyd’s and is owned and managed by the Catlin Group, the largest syndicate manager at Lloyd’s for the past five years based on gross premiums written.”
China Re is the largest reinsurance company in China and is ranked by A.M Best Co. Inc. as the world’s eighth-largest reinsurance group based on total 2013 gross reinsurance premiums written of $7.9 billion, Catlin and China Re said.
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