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Mexican reinsurer can set up special purpose syndicate at Lloyd's

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Mexico City-based reinsurer Reaseguradora Patria S.A. has received approval from Lloyd’s of London to set up a special purpose syndicate to underwrite short-tail specialty Latin American business.

Patria Re announced Tuesday that it had received approval for Patria Re SPS 6125, which will be managed by Pembroke Managing Agency Ltd., a unit of New York-based Ironshore Inc.

Patria Re said the syndicate would have stamp capacity of £15 million ($22.7 million) for the 2016 year.