Lloyd's approves new syndicate for Jan. 1 startPosted On: Nov. 23, 2015 12:00 AM CST
Arcus Syndicate 1856 has received approval to begin underwriting at Lloyd's of London beginning Jan. 1.
The syndicate will have a stamp capacity of £90 million ($136.7 million) and focus primarily on traditional reinsurance, writing a global book of business including property reinsurance and specialty lines including marine, energy, cyber, space and aviation, it said in a statement Monday.
The syndicate is capitalized by funds from Credit Suisse Group A.G.'s insurance-linked securities team and managed by Barbican Managing Agency Ltd., part of Barbican Insurance Group.
The syndicate is led by three former members of Credit Suisse's London-based ILS team: Rajiv Punja, executive director; Nicky Payne, active underwriter; and Adrian Gfeller, chief risk officer.
In the statement, Arcus said the syndicate would provide insurance and reinsurance solutions that “create a bridge between the financial strength of the capital market and the mature underwriting environment of Lloyd's.”
“The global reach and international licensing of the Lloyd's platform, coupled with its marketwide reputation for innovation, makes it an ideal base from which to launch Arcus 1856,” Mr. Punja said in the statement.
“We will seek to capitalize on these unique strengths to further expand our portfolio of business, reaffirming our position as a conduit for alternative capital market investors seeking to access the long-term potential of the insurance market,” he said.