AmTrust at Lloyd’s to merge non-life syndicates
AmTrust at Lloyd’s is looking to combine its three non-life Lloyd’s syndicates into a single entity, and has applied for the approval.
The company, a part of New York-based insurance holding AmTrust Financial Services, stated that it has submitted a Syndicate Business Forecast (SBF) to Lloyd’s for business written by syndicates 1206, 5820 and 1861 to be consolidated into a single Syndicate 1861 for the 2018 year of account.
Following the approval from Lloyd’s, Syndicate 1861 will have underwriting capacity of over £500 million with Christopher Jarvis continuing as active underwriter of the enlarged syndicate.
Bruce Whitmee, currently active underwriter of Syndicate 5820, will become head of consumer products reporting to Jarvis.
Mike Sibthorpe, CUO of AmTrust at Lloyd’s believes that the combined syndicate platform will enable operational and service improvements while allowing the underwriters to deliver competitive and innovative solutions to broking partners and clients.
"AmTrust at Lloyd’s is one of a small number of Lloyd’s agencies able to underwrite in all of the key Lloyd’s classes, through Syndicate 1861 for general insurance and Syndicate 44 for Life assurance," Sibthorpe said. "Streamlining our operating model allows us to focus our efforts on identifying opportunities to optimise our portfolio; building on our underwriting strengths."
Peter Dewey, CEO AmTrust at Lloyd’s, commented: "AmTrust’s Lloyd’s business has grown significantly over the last five years. Our proposed new syndicate structure is a major step towards our commitment to building a best in class Lloyd’s platform, simplifying the operation of the business and generating profitable growth and attractive returns for our business and AmTrust shareholders."
"By consolidating our underwriting activities within one non-Life and one Life syndicate, we are making the most efficient use of capital and resources, strengthening our offering and ensuring that we provide our clients and brokers with the best possible service."
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