SCOR to manage own Lloyd’s syndicate

SCOR has secured approval to act as a managing agency at Lloyd’s. It will now manage its own syndicate in the market replacing Asta Managing Agency.

The Channel Managing Agency, owned by SCOR Global P&C, will manage Lloyd’s Syndicate 2015, which, backed by SCOR, is one of the largest capital providers to the Lloyd’s market.

Formed in 2011, the syndicate underwrites a diverse range of property, casualty and marine insurance classes. It now comprises five divisions and its capacity has increased from £75 million in 2011 to £155 million in 2014. The syndicate was previously managed by Asta Managing Agency.

SCOR said that while the syndicate benefitted in its early years from the support of Asta, it is now able to act as a fully integrated Lloyd’s vehicle. The syndicate and the managing agency will streamline processes and leverage the resources of the entire SCOR Group.

The board of Channel Managing Agency is led by chairman Brian Hilton. The other members of the agency board are: chief risk officer John Byrne, active underwriter Tom Corfield, and chief financial officer Paul Chubb. Victor Peignet, Benjamin Gentsch and David Reed from SCOR, Terry Hayday and David Hindley are also directors.

Hilton said “The board is very excited that we now have the opportunity to develop our business, embedded in the SCOR Group, as a fully-fledged managing agency. I congratulate the whole syndicate team under the able leadership of Richard Harris, CEO of Channel 2015, for all that has been achieved to date. The board’s thanks also go to Asta for all their support.”