Houston-based insurer HCC Insurance Holdings has launched Lloyd’s Syndicate 4141 with an initial capacity of $24 million. It will write business on behalf of MultiNational Underwriters (MNU), the Indianapolis-based insurer that HCC purchased last week, and will initially focus on MNU’s international accident and health business, indicated a bulletin on the Lloyd’s web site (www.lloyds.com)
HCC’s bulletin concerning the acquisition noted that MNU was founded in1998 and is “expected to write more than $40 million in premium in 2008. President Betsy Brougher and the MNU team of professionals in Indianapolis and at locations around the world will remain with the company following closing.”
HCC’s Lloyd’s platform, HCC Underwriting Agency Ltd. (formerly Illium Managing Agency Ltd.), will continue to manage Syndicate 4040, which has 2008 capacity of almost £54 million ($105.6 million) and focuses on liability, commercial motor, contingency, contractors’ all risks.
“MultiNational Underwriters’ success is driven by the use of the internet as a vehicle for offering 24-hour-a-day insurance services worldwide, a concept that it continues to refine,” indicated HCC Chief Executive Frank Bramanti. He also noted: “Our Lloyd’s platform will enable HCC to continue to expand its product offerings as well as allow HCC to avail itself of the many advantages of underwriting in the Lloyd’s market.”
HCC’s bulletin noted that MNU specializes in international life, accident and health insurance offering coverage to customers in more than 130 countries. Its clients “include United States citizens traveling or residing outside the country, U.S. corporations with employees and their families traveling or residing abroad, foreign nationals and the employees of foreign companies outside their home countries, missionary organizations, and institutions of higher education with foreign programs.”
Sources: Lloyd’s; HCC Holdings – www.hcc.com
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