Australian MGA Agile sets up Lloyd’s operation with APAC in focus
Australian managing general agent (MGA) Agile Underwriting Services has received ‘in-principle’ approval from Lloyd’s to launch Agile Syndicate 2427 (AUS 2427) under the ‘syndicate-in-a-box’ (SIAB) framework.
Syndicate 2427 is targeting commencement of underwriting from April 2024, subject to approval. It will be managed by Asta through its third-party managing agency platform at Lloyd’s.
Mark Hunt will be appointed active underwriter. He has a 40-year underwriting pedigree, having started his career at Syndicate 386, before moving to help establish Syndicate 1156. He was also deputy active underwriter of Syndicate 2525. More recently, he held senior underwriting management roles at Zurich Australia across all classes and segments.
Agile anticipates writing £34.1m of gross written premium for the 2024 year of account, rising to £62.1m for the 2026 year of account, with key growth areas being liability, professional indemnity, accident and health, property and travel.
Through the syndicate, Agile plans to leverage its market position to access niche and SME business written in the domestic APAC market, bringing this business to Lloyd’s. It plans to position the syndicate alongside its existing binders, maintaining its existing relationships with market leaders while bringing local expertise and tech distribution.
Robin Barham, CEO of Agile, said: “Through syndicate 2427, we will facilitate access to geographies and market niches that the Lloyd’s market is currently unable to write affordably. Lloyd’s industry-leading position, excellent reputation and licenses, combined with Asta’s unrivalled experience and expertise as our managing agent, make them ideal partners for us to deliver future growth.”
Lorraine Harfitt, CEO of Asta, added: “APAC represents a significant opportunity for the Lloyd’s market. Innovative offerings like Agile Syndicate 2427, benefit the market greatly and their ability to underwrite at Lloyd’s as a SIAB is exactly what the SIAB model, in partnership with our third-party management capabilities, was designed to enable. We look forward to working with the team and assisting them in reaching their full growth potential.”
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