ArgoGlobal, the Lloyd’s insurer and member of Argo Group, announced the launch of the first Lloyd’s market consortium for motor treaty business.
The consortium, led by ArgoGlobal and supported by Barbican Insurance Group, was established in time for Jan. 1 and will allow carriers to write up to 10 percent of a motor placement.
Stuart Dale, International Casualty Treaty class underwriter, will lead the consortium, which will bring new capacity to the market, enable its members to underwrite significantly more premium and consolidate Lloyd’s markets with an interest in writing this class in London, said ArgoGlobal in a statement.
“By challenging the status quo and developing an innovative solution, we can better deploy our expertise, leverage our underwriting experience, and bring new capacity to the market for the benefit of both clients and brokers,” Dale said.
“We are now ideally placed to operate alongside the leading players in London and across Europe,” he added.
“This is a scalable initiative we aim to potentially grow with new capacity. It will also allow us to realize further opportunities created by changes in the rating and regulatory environment,” Dale said, noting that there are “clear opportunities in this sector.”
Tim Mackenzie, underwriting manager for International Casualty Reinsurance at Barbican, said: “We are very pleased to support Stuart and ArgoGlobal in this new initiative. The motor market offers a good opportunity to diversify our portfolio and there is clearly scope for the consortium to carve a niche in this area and to challenge the traditional markets in Europe.”
About ArgoGlobal and Barbican
ArgoGlobal is the trading brand of Syndicate 1200 at Lloyd’s, managed by Argo Managing Agency Ltd. The Syndicate offers worldwide property, aerospace, marine, energy, specialty and non-U.S. liability insurance.
Formed in 2007, Barbican Insurance Group underwrites business predominantly through its syndicates at Lloyd’s. Barbican’s lines of business include marine, aviation and transport re/insurance, property re/insurance, energy and specialty lines including casualty reinsurance, cyber liability, healthcare liability, financial and professional lines and professional indemnity.
Barbican also has a non-Lloyd’s financial solutions business based in Guernsey which offers insurance and reinsurance programs to the global market.