Lloyd's OKs special purpose syndicate for U.S. excess and surplus lines
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Lloyd's of London insurer Novae Group P.L.C. and insurance-linked securities fund manager Securis Investment Partners L.L.P. have launched a special purpose syndicate focused on U.S. property excess and surplus lines business.
Novae and Securis said in a statement Tuesday that syndicate 6129 had received approval from Lloyd's to begin underwriting Jan. 1 with stamp capacity of $75 million.
The two companies said the special purpose syndicate “represents the evolution of an existing relationship between Novae and Securis, in which a portion of U.S. insurance facilities business is currently ceded to Securis on a collateralized basis.”
Syndicate 6129, they said, will expand the companies' portfolio of U.S. facilities business.
“Our property division is growing across all insurance classes, and we see a significant opportunity to build upon this in the E&S property market,” Matthew Fosh, CEO of Novae, said in the statement.
“This is an important development for Securis — which helps further build our Lloyd's and speciality presence,” Rob Procter, CEO of Securis, said in the statement.
Novae operates multiline syndicate 2007 at Lloyd's.
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