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Member, Beacon International Group, Ltd.
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.
Chaucer manages multiline syndicate 1084 and nuclear syndicate 1176 at Lloyd's.