10 December 2019Insurance

Victor Insurance forms new Lloyd’s syndicate with support from Asta

Victor Insurance Holdings, one of the biggest managing general underwriters (MGU), has secured approval from Lloyd’s to establish a new syndicate intended to support its underwriting of property/casualty business in the US, UK, Italy, and the Netherlands.

Victor Syndicate 2288 will commence underwriting effective January 1, 2020 with stamp capacity of £57 million supporting a business plan of $100 million.

The active underwriter for Victor Syndicate 2288 will be Jill Frances, who will also assume the role of chief underwriting and operations officer for Victor International. Frances was formerly managing director for Victor US. She will report to Anthony Stevens, president, Victor International.

Kevin Collins will become executive leader of the architects and engineers division at Victor US. Collins has 30 years of experience with Victor and the A&E program. Zach Vollmer will remain the leader of the real estate program.

Asta will be the managing agent for the new syndicate, providing underwriting oversight and operational support. The syndicate will also provide opportunities for capital partners to participate in risks underwritten by its underwriting hubs in Boulder, Colorado, US; London, UK; Rotterdam, Netherlands; and Milan, Italy.

In the US, the syndicate will provide ongoing support to serve the needs of small commercial properties in catastrophe-exposed areas.

“We have extensive history with Lloyd’s as a coverholder and are delighted to broaden our strategic relationship with such a vital market. Lloyd’s digital-forward approach aligns well with Victor’s digital innovation and our international expansion plans,” said Stevens.

Brian Hanuschak, president, Victor North America, added: “The Victor syndicate will enable us to respond to the needs of underserved clients in catastrophe-exposed areas of the US through our subsidiary, ICAT. Under the Lloyd’s banner, we are well positioned to serve the needs of our policyholders and our network of independent agents and brokers.”

Julian Tighe, CEO of Asta, said: “This is our second launch at Lloyd’s this year, and we look forward to working with Jill and her team as they re-position their business for future growth under the Lloyd’s franchise.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

Canopius hires underwriter, trade and political risk

AXA XL appoints client management leader, Asia

HSB appoints director of business development and distribution

Asia Capital Re voluntarily withdraws from rating services

Duck Creek Technologies receives $120 million investment

PG&E reaches $13.5bn agreement to resolve wildfire claims

Chubb makes equity investment in African Trade Insurance Agency (ATI)

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

26 March 2020   The executive was most recently chief underwriting officer of Victor US.
29 May 2020   The two companies have signed a multi-year agreement to support their growth plans in the commercial market.
3 June 2021   It provides an alternative to the traditional manual contract insurance terms review process provided by professional liability insurers.