Asta receives approval for new special purpose syndicate

Asta Managing Agency has been granted ‘in principle’ approval from Lloyd’s to establish and manage special purpose syndicate (SPS) 6126.

Marine insurance provider Skuld will cede business into the SPS, providing reinsurance for Skuld’s syndicate 1897. The SPS has a planned gross written premium of £46m for 2016 and will be led by Mike Pritchard.

Asta and Skuld said they are working towards securing formal approval to commence underwriting business from 1 January 2016. The SPS will write a book of direct and facultative non-marine business as well as high growth economy business, much of it new to the Lloyd’s market.

“I am pleased that Asta could help to bring Mike Pritchard back into the Room at Lloyd’s,” said Julian Tighe, Asta chief executive officer (CEO).

“We are always excited to work with talented entrepreneurs and particularly so when they have the experience and successful track record that Mike does.”

Ståle Hansen, Skuld president and CEO, added: “SPS 6126 will enable our Skuld 1897 syndicate to expand from its traditional marine business and bring greater diversity to the balance sheet. Aligned to Lloyd’s ‘Vision 2025’, it will bring in additional expertise and partner carriers from high-growth economies.”