Greenlight Re starts underwriting at Lloyd’s via Syndicate 3456

Specialist property and casualty reinsurer  Greenlight Capital Re has commenced underwriting at Lloyd’s through Syndicate 3456.

The Cayman Islands-based Hedge fund-backed reinsurer received Lloyd’s approval to begin underwriting from April 1.

Greenlight Innovation Syndicate 3456 is launched under the syndicate in a box (“SIAB”) model, with Andy Gladwin appointed as active underwriter. It is managed by Asta, the third-party managing agent at Lloyd’s.

The syndicate will provide insurance capacity to insurtechs within Greenlight Re’s portfolio of insurtech partnerships.

Simon Burton (pictured), chief executive officer (CEO) at Greenlight Re, said: “I am delighted that Greenlight Innovation Syndicate 3456 has commenced underwriting. Our Innovations unit is central to the Company’s strategy, and the syndicate will help us support our existing partnerships as well as grow our insurtech portfolio. I would like to thank Asta, our managing agent, for their assistance in getting the Syndicate up and running.”

Julian Tighe, CEO at Asta, added: “We are pleased that Greenlight Innovation Syndicate 3456 has received Lloyd’s approval to start underwriting so quickly. Greenlight Re’s focus on insurtech fits well with Lloyd’s focus on innovation. This Syndicate highlights the flexibility and strength of the SIAB framework, which provides a swift and efficient route for aspiring new entrants into Lloyd’s.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.