Asta Gets Preliminary Lloyd’s Approval to Manage Blenheim Syndicate 5886

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Asta, the Lloyd’s third party managing agent, announced it has received “in principle” approval* from the Lloyd’s Franchise Board to establish and manage Blenheim Syndicate 5886.

Asta expects to commence underwriting policies incepting on or after Jan. 1, 2017.

Nick Destro will be active underwriter joining the initial senior management team of Peter Scales and John Lynch. Destro will be joined by Geraldine McMillan and Michael O’Sullivan to underwrite the treaty account from Jan. 1.

Blenheim will be a new “independent” syndicate with the majority of the business owned by the team, Asta explained in a statement. “Its aim is to provide the desirable trading environment for market-leading expertise and develop the next generation of Lloyd’s underwriters.”

Blenheim has a planned stamp capacity for 2017 of £150 million ($190.1 million), underwriting U.S. and international treaty books, direct insurance (D&F) and some speciality lines.

Asta said the aim is to build out the portfolio of lines over time, subject to securing genuine market leading expertise. Blenheim anticipates announcing a number of appointments over the next weeks and months to achieve this.

The syndicate’s capital structure will comprise a mixed capital base incorporating private names, trade and ILS capital sources to give maximum flexibility.

Asta CEO Julian Tighe said: “Asta is pleased to have been able to secure ‘in principle’ approval from Lloyd’s to establish and manage Blenheim Syndicate 5886. Our expertise and depth of market knowledge will offer Blenheim all the underwriting management, regulatory and business support it needs as it develops and grows. Asta is impressed with the focus and quality of Blenheim’s business plan. We are confident, not only of the syndicate’s success but that it will also make a significant contribution to the Lloyd’s market.”

John Lynch added: “I’m looking forward to the prospect of starting underwriting with effect from Jan. 1, 2017 and pleased with the confidence that Lloyd’s have demonstrated in us and our business plan. Asta’s expertise has been invaluable and we look forward to continuing working together as we build the syndicate’s business and reputation.”

* When Lloyd’s grants “in principal” approval, it means that, before Blenheim can begin underwriting, it must demonstrate that the capital, operations and appropriate resources are in place.

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