Lloyd’s grants Capita in principle approval for syndicate

Capita Managing Agency and Istmo Re have been granted ‘in principle’ approval from Lloyd’s to establish a syndicate.

Ash Bathia, a former QBE executive, will serve as the active underwriter. He is joined by former Ascot executive Jon Foley and former Marsh executive, Nick Bacon.

Iain Bremner, chief executive officer of Capita Managing Agency, said: “Capita is delighted to be working with Ash Bathia and his team and Istmo Re. The decision to progress this new business demonstrates just how attractive Lloyd’s remains as an underwriting platform and I’m pleased that Capita has been chosen to establish and manage the syndicate.”

Bathia added: "We are genuinely excited about the opportunity to represent the Lloyd's market and particularly in the emerging growth markets in line with Lloyd's 2025 Vision. We are very much looking forward to working with Capita and our cornerstone investor Istmo Re to harness and deliver genuinely new and accretive opportunities to our syndicate and more broadly to Lloyd's."

Ramon Fernandez Quijano, chairman and president of Istmo Re, said: “We are delighted to be able to offer capital and distribution support to the new syndicate under the leadership of an experienced and successful leader in Ash Bathia. The syndicate will enable us to provide strong capacity to our existing clients and to numerous others that we have identified.”