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Panama-based insurer and reinsurer Istmo Compania de Reaseguros Inc. and Capita Managing Agency Ltd. have received approval, in principle, to set up a syndicate at Lloyd's of London.
Ash Bathia, previously chief underwriting officer for the European operations of QBE Insurance Group Ltd., and active underwriters of QBE's liability syndicate 386 will be active underwriter of the syndicate, Istmo Re and Capita said Wednesday in a statement.
Capita will manage the syndicate.
Jon Foley, most recently director of insurance at Sciemus Ltd. and formerly executive underwriter at Ascot Underwriting Ltd., and Nick Bacon, most recently director of international markets at Nelson Brown & Co. and formerly a managing director at Marsh Ltd. in London, also are members of the syndicate's founding team.
Details of the business the syndicate will underwrite are not yet available, according to a spokeswoman.
“We are genuinely excited about the opportunity to represent the Lloyd's market and particularly in the merging growth markets,” Mr. Bathia said in the statement.
A Panamanian insurer association has said that the country's insurance market contributed 3% to the national gross domestic product in 2014, Eleconomista.net reported.