Beazley lifts 5623 to full-fledged syndicate with £340m in ‘23 capacity
Beazley’s Smart Tracker Syndicate 5623 wills step up from a follow-only format to become a full-fledged syndicate in 2023 with its own stamp capacity of £340 million, Beazley said following approval by Lloyd's authorities.
Beazley's 5623, launched in 2018 as a special purpose arrangement syndicate was designed to take a 75% quota share from Beazley syndicate 3623, then draw third-party capital to fund the exposure.
The syndicate boasts a business plan to underwrite gross premium of $425 million. It will continue to provide clients with follow capacity “across a diversified mix of classes, delivering the benefits of access to Lloyd’s specialist marketplace with a low expense ratio.”
Will Roscoe (Pictured), who has managed the Smart Tracker since 2019, has been appointed its active underwriter.
Beazley CEO Adrian Cox said: “As a pure follow syndicate, 5623 offers a market-leading expense ratio and access to carefully selected market facilities and consortia. Since launch in 2018, we have proved we can provide brokers and clients with efficient, light-touch follow capacity, while also returning an underwriting profit to Beazley and our third-party capital partners, and it is pleasing that Lloyd’s has recognised this success by granting full syndicate status.”
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