Pembroke Managing Agency Ltd., the London-based subsidiary of Ironshore, has been granted approval by Lloyd’s to establish and manage a syndicate for India’s GIC Re.
GIC Syndicate 1947 has been granted permission to underwrite business, attaching on or after April 1, 2018. The syndicate’s 2018 stamp capacity is £55 million ($77.1 million) and is provided solely by GIC Re.
GIC Syndicate 1947 will underwrite property, agriculture and engineering lines of business. Mumbai-based GIC Re is a market leader in India and the member countries of the South Asian Association for Regional Cooperation (SAARC), having been established for more than 45 years.
Pembroke, a specialist provider of Lloyd’s managing agency services to Strategic Partners, guided GIC Re through the Lloyd’s approval process and will manage the new syndicate. Pembroke will manage the syndicate, through its strategic partnership relationship services, said a spokesperson for Pembroke, which is a subsidiary of Ironshore and part of Liberty Mutual Insurance.
“Pembroke is delighted to have obtained Lloyd’s approval for this syndicate. GIC Syndicate 1947 will bring a balanced and diversified domestic Indian portfolio into the Lloyd’s market that otherwise would have been beyond our reach,” stated Chris Brown, strategic partnership director for Pembroke Managing Agency. (Pembroke supplies the capacity and manages Lloyd’s Syndicate 4000).
Neil Attwood has been appointed as active underwriter for the GIC Syndicate. Attwood will report to Brown. He was most recently active underwriter at AmTrust Syndicate 2526, and also had served in the leadership role as active underwriter with Torus Syndicate 1301.
“Harnessing Pembroke’s specialty lines expertise with GIC Re’s underwriting and distribution capability in India, will further develop business opportunities for GIC Re, Pembroke and other participants in the Lloyd’s market,” said Attwood.
GIC Re is ranked 12th among the top 40 global reinsurers, according to Standard & Poor’s in September 2017. GIC Syndicate 1947 is the first Lloyd’s syndicate to be backed solely by capital from an Indian reinsurance group.
Pembroke first received “in principle” approval to create the GIC syndicate in December 2017.
Source: Pembroke
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