Cincinnati’s Lloyd’s syndicate to launch cargo & construction in 2024
Cincinnati Financial’s Lloyd’s syndicate 0318 will add cargo construction lines in 2024 part and parcel with a 25% build-out in approved capacity, the managing agency Cincinnati Global Underwriting (CGU) has said.
“The increased capacity is intended to facilitate the continuing momentum in the existing portfolio where the rating environment remains positive and the opportunity for continued growth can be supported,” the agency informed Lloyd's members ahead of the 2023 capacity auctions.
“Furthermore, two new classes are included in the 2024 plan; Cargo and Construction – it is the intention to appoint specialist underwriters to manage the entry into these sectors.”
Cincinnati will pre-empt the syndicate capacity from £298.9 million in 2023 to £375 million, an increase of approximately 25%, the agency said of what it said was Lloyd's full approval of the 2024 business plan and capital submission.
“The plan reflects the continuing growth and diversification of the Syndicate’s portfolio,” management said.
CGU will not, in turn, be putting any of the capacity to the 2023 capacity auctions. “It is not the intention of CGU to be actively involved in the auction process this year.”
Cincinnati Financial Corporation wielded 92.8% of the syndicate's capacity in 2023, up from 92.5% over the prior two years.
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