Latin American reinsurer Patria Re has announced that together with Ironshore’s Pembroke Managing Agency, it has received Lloyd’s approval to establish a special purpose syndicate (SPS).
Patria Re will join the Lloyd’s platform in partnership with Pembroke as the first Mexican insurer to drive Latin American specialty business lines to the Lloyd’s market, effective for the 2016 year of account.
Pembroke served as third-party managing agent to guide Patria Re through the Lloyd’s new entrant assessment process.
Ingrid Carlou, chief executive officer of Patria Re and Christopher Brown, Pembroke’s third party syndicate director, led the Lloyd’s approval process and will jointly oversee operations. The investment required has received approval from the National Commission of Insurance and Surety which is the relevant Mexican authority.
Patria Re will operate as Patria Re SPS 6125, with an approved stamp capacity of £15 million gross written premiums. The reinsurer will underwrite a diverse portfolio of short tail exposures for Latin American specialist lines of business.
The announcement was made to coincide with Lloyd’s opening of its first representative office in Mexico City in October 2015.
The “creation of the Patria Re SPS represents an important strategic step for Patria Re, and at the same times offers attractive opportunities to represent Latin America in the Lloyd's Platform, it is a win win stake”, said Carlou.
“It is also proof of Patria’s dynamism and of its growing relevance in the international insurance scene.”
Customer relationships within Latin America will continue to be managed directly Patria Re in the same manner as they have been in the past, the reinsurer said.
Patria Re, Ironshore, Pembroke Managing Agency, Lloyd's, Ingrid Carlou, Christopher Brown, Latin America, London, Europe