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LONDONC.V. Starr & Co. Inc., a New York-based insurance group, is to open aLloyd's of London aviation, marine and energy syndicate.
Starr has received approval from Lloyd's to establish syndicate 1919, although Lloyd's Franchise Performance Directorate was still finalizing the approval of syndicate 1919's business plan, a spokeswoman for Lloyd's said Tuesday.
The syndicate is to be capitalized and funded 25% by C.V. Starr and 75% by Starr International Investments Ltd., C.V. Starr's investment company.
The company expects syndicate 1919 to be underwriting by Oct. 1 with a capacity of £50 million ($93.2 million) in 2007. Chris Hancock, who was previously at Faraday Group, the London-market subsidiary of Berkshire Hathaway Inc., will be the active underwriter for the syndicate.
Syndicate 1919 will be managed by Marlborough Underwriting Agency Ltd., the London-based Lloyd's managing agent owned by Berkshire Hathaway.