Greenlight Re to launch new insurtech-focused Lloyd’s SIAB with eyes on ‘strong underwriting returns’
Greenlight Re is set to launch a new Asta-managed insurtech-focussed syndicate-in-a-box (SIAB) at Lloyd’s to further expand its presence in the London market. The Hedge fund-backed reinsurer aims to create a “market-leading insurtech syndicate which can generate strong underwriting returns”.
The reinsurer's insurtech unit Greenlight Re Innovations (GRI) has received ‘in-principle’ approval from Lloyd’s to establish the insurtech-focused Syndicate 3456, which will commence operations in the second quarter of 2022.
The SIAB will enable Greenlight Re to provide capacity to its growing portfolio of insurtechs. It will be managed by Asta, the third-party managing agent at Lloyd’s.
The Company will appoint Andy Gladwin as active underwriter for Syndicate 3456. Gladwin, who has over 30 years of experience in the London market, joined Greenlight Re in November 2020 as managing director of Greenlight Re Marketing (UK).
Simon Burton (pictured), chief executive officer at Greenlight Re, said: “ GRI’s support of insurance innovators is a key element of Greenlight Re’s strategy. By combining Greenlight Re’s knowledge of and access to early stage insurtechs with Lloyd’s reputation, licensing, and rating, we aim to create a market-leading insurtech syndicate which can generate strong underwriting returns.”
Gladwin added: “ Greenlight Re has been a supporter of Lloyd’s for several years through the provision of Funds at Lloyd’s capacity. Syndicate 3456 will strengthen our Lloyd’s relationship and London market presence. We are delighted to work with Asta on this exciting initiative.”
Julian Tighe, chief executive officer of Asta, said: “We are pleased to unveil our latest SIAB, which further reinforces our ability to provide a flexible and swift route to market for aspiring new entrants to Lloyd’s. GRI syndicate 3456 embodies innovation with its exclusive insurtech focus, and we are delighted to work with the Greenlight Re team. We look forward to seeing the positive impact its business may have in Lloyd’s.”
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