ICAT launches Lloyd’s syndicate
ICAT, a provider of property insurance in catastrophe exposed regions of the US, has received in principle approval for a special purpose syndicate (SPS) at Lloyd’s.
With a capacity of £8 million, the syndicate is expected to go live on May 1, 2015.
ICAT said the syndicate will provide additional capacity to Syndicate 4242 to enable it to accommodate the significant growth opportunities within the medium sized commercial property sector in the US.
Megan McConnell, Syndicate 4242’s active underwriter, said: “ICAT views the primary insurance market as attractive, and we continue to see more opportunity for superior priced business than can currently be accommodated within s.4242.
“The SPS enables ICAT to continue underwriting profitable new business into the Lloyd’s market.”
Gregory Butler, ICAT president, added: “The addition of SPS 6123 is a key pillar in ICAT’s strategy to deliver per risk capacity of up to $75 million to our wholesale partners and reduce the risk of non-concurrent terms associated with traditional “shared and layered” business to our customers. Over the past several years, ICAT has developed complementary capacity toSyndicate 4242 to address this market risk and SPS 6123 is the latest example of this philosophy in practice.”
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