CFC, the London-based managing general agent, announced that CFC Syndicate 1988 is open for business.
In addition to risk capital provided by CFC, the syndicate worked with Aon Capital Advisory to attract third-party capital support including a large pension fund, an Insurance-linked securities manager and reinsurers located in Bermuda, Cayman and Japan.
CFC Syndicate 1988 is writing approximately 20% of CFC’s established portfolio, which will generate around £100 million in gross premium, said CFC in a statement, which first announced the syndicate’s formation in April.
With Syndicate 1988, CFC is one of the first independent MGAs of scale to establish a Lloyd’s syndicate and the first MGA-to-syndicate business to secure risk capital from a pension fund. CFC noted that the syndicate was established and capital was raised in less than six months with the entire process conducted virtually.
Unlike traditional syndicates, Syndicate 1988 will be futuristic because it will not operate a box at Lloyd’s. Through the application of technology, the syndicate will be operated with a lower level of resources than traditional syndicates.
CFC Syndicate 1988 was brought to market with the support and expertise of the Aon Capital Advisory team and Asta Managing Agency who are acting as the managing agent. Matt Taylor, of CFC, is active underwriter for the syndicate.
A specialist insurance provider that focuses on emerging risk and cyber, CFC has offices in London, New York, Austin, Brussels and Brisbane.
Source: CFC Underwriting
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