Pending regulatory approvals, Lloyd’s 66th syndicate will start trading next month. Syndicate 1919, which has already received Lloyd’s approval, plans to begin underwriting on October 1st.
The new syndicate, with a capacity of £50 million ($95 million) for 2007 will write aviation, energy, and marine business. A Lloyd’s bulletin noted that it will be “managed by Marlborough Underwriting Agency Limited, a wholly-owned subsidiary of Berkshire Hathaway, and be capitalized by CV Starr and Starr International Investments Limited.”
The Syndicate number carries a great deal of significance for its backers. Cornelius VanDer Starr formed a small insurance company in Shanghai, China – American International Underwriters – in 1919. Until recently the company – American International Group, or AIG – had had only two chief executives – Starr and Maurice R. “Hank” Greenberg. He was forced to resign following the Spitzer investigations and other problems, but is one of the leading principles in the development of CV Starr.
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