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On the day the U.S. celebrates Christopher Columbus' discovery of the new world in 1492, Probitas Syndicate 1492 started underwriting business that it said is new to Lloyd's of London.
The syndicate will write an international portfolio of property/casualty direct insurance and facultative reinsurance, focusing on business not currently seen at Lloyd's, especially from Latin America and other emerging markets, Probitas said Monday in a statement.
Capita Managing Agency Ltd. is managing the syndicate on a turnkey basis until it is ready to set up its own managing agency. The syndicate is backed by Bogota, Colombia-based Istmo Compania de Reaseguros Inc.
Ash Bathia, who is CEO and active underwriter of the syndicate, previously was chief underwriting officer at QBE Insurance Group Ltd. in London and active underwriter of Lloyd's syndicate 386.
Jon Foley, previously executive underwriter at Ascot Underwriting Ltd., is chief underwriting officer of syndicate 1492.
Nick Bacon, formerly a managing director at Marsh L.L.C. in London, is chief distribution and operations officer of the new syndicate, while Antony Dodson, formerly pricing actuary at Munich Reinsurance Co.'s Watkins syndicate 457 at Lloyd's, is chief pricing officer.
“We are delighted to be bringing something new and exciting to the Lloyd's market with our syndicate's initial focus on property and casualty business in emerging growth markets,” Mr. Bathia said in a statement.
A.M. Best Co. Inc. expects insurance-linked securities and alternative reinsurance capital to expand in Latin America, reported Artemis.bm.