Chaucer launches U.S. cat syndicate at Lloyd's

LONDON— Chaucer Holdings P.L.C. and ICAT Holdings L.L.C. have established a new syndicate at Lloyd's of London to underwrite United States catastrophe business for medium and small companies.

Syndicate 4242 will have underwriting capacity of $148 million for 2007.

The syndicate will underwrite insurance for small to medium companies in catastrophe-exposed areas of the United States.

ICAT Managers, a Boulder, Colorado-based managing agency, will write most of the syndicate's business through Lloyd's-approved coverholder arrangements, the two companies said in a statement.

The syndicate will be managed by Chaucer Syndicates Ltd., Chaucer's managing agency.