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.”