Lloyd’s insurer Chaucer has outlined its plans for the launch of a new International Liability Division by the end of the year, according to a bulletin on the Lloyd’s web site. “The move follows a series of appointments during the first half of 2010. The Division will fulfil the company’s long-standing intention to develop its non-US liability business.”
At an analyst and investor meeting this summer, Chaucer announced that the Division’s proposed income for 2011 is “£40 million [$62.75 million]. Around 50 percent of its business will focus on Professional Indemnity products, while the next largest segment will be General Liability (at around 25 percent). The Division’s maximum line size will range from £10 million to £15 million [$15.7 to $23.5 million].”
John Fowle, Active Underwriter for Chaucer Syndicate 1084, explained: “Chaucer is committed to the development of new, and expansion of existing, underwriting classes and our intention has always been to develop a market leading underwriting team for non-US liability insurance business. I am pleased to confirm that this Division will be up and running in time for the 2011 underwriting year.”
The latest details came on the heels of the appointments of three underwriters that will make-up the team:
— Mark Lawrence, Joint Active Underwriter at Argo International, where he handled all casualty business, has been appointed as Head of Division to lead the new team.
— Ian Noble of Brit Insurance, will lead the Professional Indemnity account;
— Mark Aaron who worked at Heritage Underwriting Agency will serve as Class Underwriter for General Liability.
Chaucer Syndicate 1084 already has a well-established book of US and International Specialist Lines business. Its Lloyd’s Syndicates 1084 and 1176 have a combined underwriting capacity of over £735 million [$1.154 billion] for 2010.
Source: Lloyd’s of London
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