Jubilee MGA Merges Lloyd’s Syndicates 1231 & 5820

Following Lloyd’s approval, specialist Lloyd’s insurer Jubilee Managing Agency Limited has merged its auto coverage Syndicate 1231 and its property and personal lines Syndicate 5820 for the 2010 year of account.

The merger will enable Jubilee to “streamline its operational platform, provide capital efficiency and create a flexible operating structure that can accommodate the introduction of other new business lines,” said the bulletin.

“The combined larger Syndicate 5820 – Jubilee Managing Agency – will have an overall stamp capacity for 2010 of £138.9 million [$218 million], an increase of £18.8 million [$29.5 million] over the combined capacity of the two separate Syndicates in 2009.

“The combined Syndicate 5820 will be led by Active Underwriter Chris Biles who was previously Active Underwriter on the former property and personal lines Syndicate.

Jubilee’s CEO Andreas Loucaides commented: “As a result of the Syndicate merger, Jubilee is now in an excellent position to continue its growth plans.”

Norman Topche, Director of Underwriting at Jubilee, added: “This is another important step towards delivering on our expansion strategy. The merger will enable us to employ our capacity flexibly to enable the introduction of new business classes”

Jubilee’s life Syndicate 779, which has a capacity of £27 million ($42.4 million] for 2010, will continue to be managed separately by the managing agency as it is not possible to merge a life Syndicate with another class of business.

Source: Jubilee Managing Agency – www.jubilee-insurance.com