New Asta syndicate brings innovation to Lloyd’s
For Lloyd’s to accept a new syndicate, the business must bring something new to the table. That is the view of Stephen Cane, chief executive of third party syndicate manager, Asta, which has recently launched a new syndicate at Lloyds. He says the business had to demonstrate innovation and a unique offering to gain approval.
New businesses looking to join the Lloyd’s Market need to address an issue or risk that has not been solved by any syndicate before them. And thanks to the large amount of capital in the market, there are plenty of firms looking to gain a Lloyd’s presence. “This allows Lloyd’s to be extremely selective,” said Cane.
The new Asta managed Syndicate 2357, backed by alternative risk transfer specialist Nephila Capital, underwrites catastrophe excess-of-loss reinsurance. Its target clients are cedants who are unsatisfied with the conventional reinsurance market and seek a more sophisticated version of an Industry Loss Warranty (ILW). This may only reflect the size of insured loss but also the geographic distribution of the cedant’s business. This will provide something new to the Lloyd’s Market, according to Cane.
“The new syndicate brings an innovative business product into Lloyd’s, which sits well with Lloyd’s strategy for future growth and product development as envisioned in the Vision 2025 plan, by introducing business that will complement, rather than compete with, existing business lines,” said Cane.
“In addition, the backing from Nephila brings together the skills of the capital markets and converges them with the reinsurance markets to create new revenues backed by a sophisticated investor base.”
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