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LONDON-A new Lloyd's of London corporate syndicate set up by USF&G Corp. is now trading.
Lloyd's syndicate 1211 has stamp capacity for this year of 17.8 million ($28 million) and plans to specialize in international reinsurance business. Syndicate 1211's sole member is F&G U.K. Underwriters Ltd., a wholly owned subsidiary of Baltimore-based USF&G.
John Dendy, a longtime underwriter at Lloyd's who most recently was the underwriter for Sturge non-marine syndicate 546, is the underwriter for the new venture, which began doing business Jan. 2.
Syndicate 1211 is managed by F&G U.K. Agency Ltd., a new managing agency set up by USF&G subsidiary F&G Holdings Ltd. and Lloyd's managing agent Ashley Palmer Holdings Ltd.
John Berger, executive vp of USF&G's reinsurance subsidiary, F&G Re, said the move was "an extension of USF&G's international reinsurance strategy." The officers of F&G Re will become officers of the various new companies.
Directors of F&G U.K. Agency Ltd. are: Martin Ashley, Clifford Palmer and David Reed, all of Ashley Palmer; and Mr. Berger and Tim Olson of F&G Re.