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Member, Beacon International Group, Ltd.
LONDONQuanta Capital Holdings Ltd. has formalized an agreement with Chaucer Holdings P.L.C. to secure the future of its Lloyd's of London business.
Quanta placed all of its non-Lloyd's business into runoff in May this year.
In June, the Hamilton Bermuda-based insurer signed a provisional agreement with London-based Chaucer and the senior underwriting team of multiline syndicate 4000 to establish a new managing agency, Pembroke Managing Agency Ltd., to take over the running of the syndicate.
This agreement, which includes a commitment from both parties to provide capital to Syndicate 4000, has now been formalized.
In a statement Chaucer confirmed that the capital required to support the syndicate in 2007 has now been secured. Under the terms of the agreement, Chaucer and Quanta have also committed to provide capital to syndicate 4000 until 2009.
"Chaucer and Quanta plan to work together closely to continue to diversify the provision of capital to the syndicate to support its presence and profitable growth in the Lloyd's market," Quanta said in a statement.
Mark Wheeler, active underwriter of syndicate 4000 said: "I am very excited about the prospects for syndicate 4000. Through securing our long-term capital, we have also demonstrated our ability to provide continuity to clients."