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LONDONBank of America Corp.'s insurance group has set up a syndicate at Lloyd's of London.
The syndicateto be known as the Pembrace Casualty Insurance Syndicatewill have initial stamp capacity of £33 million ($64.5 million) and will underwrite specialty liability, casualty and reinsurance business.
The syndicate will be managed by Spectrum Syndicate Management Ltd., which is independently-owned.
"The launch of Pembrace pairs the financial strength of Bank of America with the marketplace presence of Lloyd's of London to expand and enhance our global insurance strategy," said Keith Pellerin, president of Bank of America's insurance group.
"The fact that such a leading financial institution has chosen to set up a syndicate at Lloyd's is further testament to the strength and attractiveness of the market," said Rolf Tolle, franchise performance director at Lloyd's.