Brit Receives Preliminary Approval from Lloyd’s to Launch Syndicate 2988

Brit Ltd., the London-based specialty insurer, has received in principle approval* from the Lloyd’s Franchise Board to launch a new syndicate, Syndicate 2988.

The syndicate plans to begin underwriting business attaching on or after January 2017, subject to completion of the final stage of Lloyd’s application framework.

The new syndicate will be managed by Brit Syndicates Ltd., Brit’s Lloyd’s managing agent, which also manages Brit’s Lloyd’s Syndicate 2987 and holds Chartered Insurer status.

Syndicate 2988 will have a capacity of £52 million ($82 million) for its first year of trading and is to be supported by private Lloyd’s members.

“Underwriting will be undertaken by Brit’s existing teams and the syndicate will write a well-balanced global portfolio of both insurance and reinsurance across a broad range of specialty lines in which Brit already has well established product offerings,” the company said in a statement.

The launch of Syndicate 2988 reinforces Brit’s long-term commitment to the Lloyd’s market and ambition “to use its infrastructure to expand its current position as the largest Lloyd’s-only insurer,” the company continued.

“Brit is the largest business writing solely on the Lloyd’s platform, and we believe this focus is a key differentiator for us. Today’s announcement is further evidence of our commitment to this market,” said Matthew Wilson, Brit Group Deputy CEO and Brit Global Specialty CEO.

Syndicate 2988 will help Brit build on its “existing strength across underwriting, claims and capital management and track record of delivering attractive returns for capital providers,” Wilson said.

Source: Brit Ltd.

* When Lloyd’s grants “in principal” approval, it means that, before Syndicate 2988 can begin underwriting, it must demonstrate that the capital, operations and appropriate resources are in place.

Topics Excess Surplus Lloyd's