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LONDONManaging Agency Partners Ltd. has launched a new syndicate at Lloyd's of London to underwrite U.S. property catastrophe reinsurance business.
Syndicate 6103 has capacity of almost £43.0 million ($84.7 million), provided by private investors, according to Hampden Agencies Ltd., the members' agent whose investors provided £28.6 million ($56.3 million) of that total.
Hampden said in a statement that MAP, which also operates multiline syndicate 2791, had set up the syndicate to take advantage of the "exceptionally high rates" being seen in the U.S. property catastrophe reinsurance market.
"The new syndicate will initially trade for one year, although trading will continue in 2008 if rates remain attractive," the statement said.