Asta Managing Agency Ltd. and Everest Re Group Ltd. announced the Lloyd’s Franchise Board has granted “in principle” approval to establish and manage a new dedicated corporate syndicate backed by Everest Re, with initial gross premium of £102 million ($151 million).
Everest and Asta are working to secure the final approvals to commence underwriting business incepting January 1, 2016.
The new syndicate provides Everest with a platform to expand its international insurance operation and gain access to additional business to complement its existing portfolio, Everest said.
Andrew Carrier has been named the active underwriter, with the syndicate underwriting a broadly diversified and balanced portfolio of risks.
Julian Tighe, Asta CEO, said: “We are very pleased to have received ‘in principle’ approval from Lloyd’s. Everest has an impressive insurance and reinsurance platform and we are proud to partner with them in establishing Syndicate 2786.”
Daryl Bradley, head of International Insurance at Everest Re Group, added: “Syndicate 2786 provides Everest with the platform to develop our international insurance business. We have a strong track record of building profitable insurance and reinsurance businesses and look forward to working with Asta and Lloyd’s to ensure we maintain that success with our new syndicate.”
The launch of the Everest syndicate will bring the number of Asta’s managed Lloyd’s syndicates to eight.
Source: Asta Managing Agency
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