Starr Managing Agents Ltd. (SMAL), the Lloyd’s unit of C.V. Starr & Co., has concluded a partnership arrangement with First Reserve Corporation, a private equity firm specializing in the energy industry, to form Lloyd’s Syndicate 2243.
“The new syndicate will be part of Sideris Re, a new platform that extends First Reserve’s presence in the insurance segment of the energy value chain,” said the bulletin. “Sideris Re is a five-year partnership between First Reserve and C.V. Starr. It is comprised of a Bermuda reinsurance company, which will participate in the insurance offered to U.S. domiciled clients and the Lloyd’s syndicate, which will participate in the insurance offered to international clients.”
The new syndicate will begin its first full year of trading in 2008 with a capacity of £30 million ($58.9 million). It “will be a companion syndicate to the existing CVS 1919, which began trading in 2006.” As of January 1st, SMAL will manage both syndicates with a combined capacity of £210 million ($412 million).
Syndicate 2243 plans to underwrite 100 percent energy and other complex technical property risks. The Active Underwriter is David Stewart, who currently works for C.V. Starr subsidiary, Starr Underwriting Agents Limited (SUAL) in London, as the Chief Underwriting Officer of SUAL’s Starr Technical Risks division. Syndicate 2243 began trading on November 1, 2007 with an initial capacity of £10 million ($19.6 million).
Mark McComiskey, Managing Director at First Reserve Corporation, said he welcomed the “opportunity to partner with C.V. Starr and the platform with Lloyd’s.” He indicated that “Syndicate 2243 offers First Reserve the potential for a permanent platform in the insurance sector, with the ability to leverage the global brand, market penetration, international licensing and highly-rated credit of Lloyd’s to expand the scope of investment opportunities available to First Reserve in the global energy insurance sector.”
Richard Shaak, President and CEO of Starr Technical Risks commented, “C.V. Starr is pleased to introduce First Reserve to the Lloyd’s market and look forward to developing a long standing and mutually beneficial business relationship.”
Source: CV Starr – http://www.cvstarrco.com