Colorado-based natural disaster recovery specialist ICAT announced that Lloyd’s of London has granted approval of Special Purpose Syndicate 6123 to further expand ICAT’s per risk capacity.
Subject to completion of the application, the new SPS will go live on May 1, with a capacity of £8 million ($17 million) of gross written premium for the 2015 underwriting year.
SPS 6123 will supply additional capacity for eight-year old Syndicate 4242 to enable it to accommodate the “significant growth opportunities” within the medium sized ($25 million – $100 million in values) commercial property sector in the U.S., according to ICAT.
Syndicate 4242’s Active Underwriter Megan McConnell said ICAT views the primary insurance market as attractive, and that the firm sees more opportunity for “superior priced” business.
Underwriting for Syndicate 4242 is performed by ICAT from its Colorado offices.
ICAT’s President Gregory Butler said the capacity addition is in keeping with ICAT’s plan to deliver per risk capacity of up to $75 million to its wholesale partners.
ICAT also underwrites on behalf of other U.S.-based insurance companies and other syndicates at Lloyd’s. ICAT serves more than 40,000 customers in 38 states through its online quoting system and through traditional broker submissions. The company recently relocated to Broomfield, Colorado and has additional offices in Tampa and Honolulu.
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