Allied World Assurance Company Holdings, AG announced that it has received approval from Lloyd’s, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to establish its own Lloyd’s managing agent, Allied World Managing Agency Limited, effective April 1, 2014, to manage Allied World’s syndicate 2232.
The bulletin noted that “Syndicate 2232 commenced operations at Lloyd’s in June 2010 and was previously managed by Capita Managing Agency Limited. The syndicate underwrites a diverse range of insurance and reinsurance product lines including: international property, general casualty, professional lines and international treaty.
“Syndicate 2232 targets key territories in the Latin America and Asia Pacific regions as well as emerging markets in the Middle East and Africa; it now writes nine lines of business and its capacity has increased from £26 million [$43.3 million] in 2010 to £121 million [$201.4 million] for 2014.”
Darren Powell, Active Underwriter for Syndicate 2232, commented: “We are delighted that Lloyd’s, the PRA and FCA have recognized our commitment to the market and the hard work we have put in to get to this stage. Launching our own managing agency at Lloyd’s has been a primary objective for our team. We are also appreciative of the efforts of the team at Capita who helped get Syndicate 2232 up and running and who have helped to make this transition as seamless as possible.”
Allied World Europe’s President Julian James added, “The establishment of Allied World Managing Agency Limited at Lloyd’s is another significant step for our European platform. We continue growing, expanding our presence in the primary market and providing our trading partners and clients with innovative products and services to meet their evolving challenges. We will continue to work with Lloyd’s as a key partner to expand our product offerings in the European market and enter new territories across the globe.”
Source: Allied World Assurance Company Holdings, AG