Reinsurer Everest Re has received in principle approval from Lloyd’s to found Everest Syndicate 2786.
The new syndicate will be managed under a turnkey arrangement by Asta Managing Agency and Andrew Carrier has been named the active underwriter.
Everest and Asta are working to secure the final approvals to commence underwriting business from January 1, 2016.
Everest will be the sole capital provider of Syndicate 2786, with an initial stamp capacity of £102 million ($157 million).
Daryl Bradley, head of international insurance for Everest Re Group, said: “The Lloyd’s market, with its strong reputation and global reach, provides a very efficient platform from which Everest can operate to grow its international insurance footprint. We are looking forward to working with Lloyd’s and Asta to continue the build-out of the Everest franchise.”