26 September 2016Insurance

Brit launches Lloyd’s syndicate targeting specialty lines

Specialty insurer Brit has received principle approval from the Lloyd’s Franchise Board to launch a new syndicate.

Syndicate 2988 will begin underwriting business attaching on or after January 2017, subject to completion of the final ‘Making it Happen’ stage of Lloyd’s application framework.

Syndicate 2988 will be managed by Brit’s Lloyd’s managing agent, Brit Syndicates, which also manages Brit’s Lloyd’s Syndicate 2987 and holds Chartered Insurer status.

The syndicate will have a capacity of £52m ($82m) for its first year of trading and will be supported by private Lloyd’s members.

Brit’s existing teams will write Syndicate 2988’s portfolio of re/insurance across a range of specialty lines already established in Brit’s product offerings.

Matthew Wilson, deputy CEO of Brit Group and CEO of Brit Global Specialty, said: “I am delighted to announce the launch of Syndicate 2988. Brit is the largest business writing solely on the Lloyd’s platform and we believe this focus is a key differentiator for us. Today’s announcement is further evidence of our commitment to this market.

“Syndicate 2988 will help us further position Brit as the specialist underwriter of choice, building on our existing strength across underwriting, claims and capital management and track record of delivering attractive returns for capital providers.

“Delivering new products, solutions and perspectives for brokers and clients is at the very heart of our strategy. The launch of Syndicate 2988 is a powerful demonstration of this objective, and we look forward with excitement to it growing Brit’s presence at Lloyd’s.”

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

Insurance
29 July 2016   Brit experienced a substantial increase in profits for its first half results in 2016, but its gross written premiums (GWP) and combined ratio decreased.
Insurance
22 September 2016   Asta, a third-party managing agent at Lloyd’s, received approval from the Lloyd’s franchise board to establish and manage Blenheim Syndicate 5886.
Insurance
17 February 2017   Specialty re/insurer Brit reported a profit after tax of $157.6 million compared to $15.6 million in 2015 despite experiencing further rate deterioration.