Asta receives approval to manage new Lloyd’s syndicate

Asta, a third-party managing agent at Lloyd’s, received approval from the Lloyd’s franchise board to establish and manage Blenheim Syndicate 5886.

The syndicate’s underwriting policies are expected to commence on or after January 1, 2017.

Blenheim will operate independently, with the majority of the business owned by the team.

Concurrently, Nick Destro has been appointed as active underwriter joining the initial senior management team of Peter Scales and John Lynch.

Geraldine McMillan and Michael O’Sullivan have been appointed to underwrite the treaty account from January 1.

The syndicate has a planned stamp capacity of £150 million for 2017, underwriting US and international treaty books, direct insurance (D&F) and some speciality lines.

Blenheim’s capital structure will comprise a mixed capital base incorporating private names, trade and ILS capital sources.

Julian Tighe, chief executive officer of Asta, said: “Asta is pleased to have been able to secure ‘in principle’ approval from Lloyd’s to establish and manage Blenheim Syndicate 5886.

“Our expertise and depth of market knowledge will offer Blenheim all the underwriting management, regulatory and business support it needs as it develops and grows.

“Asta is impressed with the focus and quality of Blenheim’s business plan. We are confident, not only of the syndicate’s success but that it will also make a significant contribution to the Lloyd’s market.”

Lynch added: “I’m looking forward to the prospect of starting underwriting with effect from 1 January 2017 and pleased with the confidence that Lloyd’s have demonstrated in us and our business plan.