Lloyd's gives ‘in principle’ approval to Blenheim Underwriting

Blenheim Underwriting has been granted ‘approval in principle’ by the Lloyd’s Board to establish a new managing agency.

This means that Blenheim can now submit an application to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for their regulatory approvals, and progress into the Lloyd’s ‘making it happen’ stage of the process.

Blenheim is a fully owned subsidiary of White Bear Capital. The agency has expertise in property treaty, D&F property, specialty reinsurance, contingency and accident & health.

Blenheim Syndicate 5886 commenced underwriting for the 2017 year of account and has been managed by Asta Managing Agency since inception. The syndicate has a capacity of £250 million for 2020 provided by third party capital ranging from private individuals to ILS funds and trade capital.

Peter Scales, CEO of Blenheim’s owner White Bear, and a director of Blenheim said: “This is one of the principal stepping stones that we targeted in building a modern independent underwriting business based on our first class underwriting teams. It marks a further development in our ability to best serve clients and their brokers, as well as a wide variety of capital providers in the evolving Lloyd’s, wider insurance and capital markets.”