Arcus Syndicate 1856 receives approval from Lloyd’s
Arcus Syndicate 1856 (Arcus 1856) has received approval from the Lloyd’s Franchise Board to begin trading as of 1 January 2016.
The syndicate has an underwriting stamp capacity of £90 million for 2016 and will focus primarily on providing traditional reinsurance solutions. It will write a global, diversified and balanced portfolio of business, covering both property reinsurance and specialty lines, including marine, energy, cyber and space and aviation.
Arcus 1856 is 100 percent capitalised by funds managed by the Credit Suisse insurance-linked securities (ILS) team and managed by Barbican Managing Agency, part of the Barbican Insurance Group.
Covering both ILS expertise and insurance capabilities, Arcus 1856 provides re/insurance solutions which create a bridge between the financial strength of the capital market and the mature underwriting environment of Lloyd’s.
Arcus 1856 is led by the former London-based Credit Suisse ILS team, which includes Rajiv Punja, executive director, Nicky Payne, active underwriter and Adrian Gfeller, chief risk officer.
“We are delighted to have received approval to trade as a Lloyd’s syndicate,” said Punja.
“The global reach and international licensing of the Lloyd’s platform, coupled with its market-wide reputation for innovation, makes it an ideal base from which to launch Arcus 1856.
“We will seek to capitalise on these unique strengths to further expand our portfolio of business, reaffirming our position as a conduit for alternative capital market investors seeking to access the long-term potential of the insurance market.”
Payne added: “Our aim is to achieve strong but controlled growth of the Arcus 1856 portfolio. We have established clear parameters for our underwriting remit and bring to market an already mature book of business along with an extensive list of long-standing relationships with global financial institutions.
“Combining our ILS market expertise and insurance capabilities, we believe we offer a strong re/insurance proposition in today’s market.”
