Blenheim Gets Initial Approval from Lloyd’s to Launch New Managing Agency

Blenheim Underwriting announced it has been granted ‘approval in principle’ by the Lloyd’s board to establish a new managing agency.

Blenheim said it can now submit an application to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for their regulatory approvals, and progress into the “making it happen” stage of the process.

Peter Scales, CEO of Blenheim’s owner White Bear, and a director of Blenheim said: “This is one of the principal stepping stones that we targeted in building a modern independent underwriting business based on our first class underwriting teams. It marks a further development in our ability to best serve clients and their brokers, as well as a wide variety of capital providers in the evolving Lloyd’s, wider insurance and capital markets.”

Blenheim specializes in property treaty, D&F property, specialty reinsurance, contingency and accident & health.

Blenheim Syndicate 5886 commenced underwriting for the 2017 year of account and has been managed by Asta Managing Agency since inception. The syndicate has a capacity of £250 million for 2020 provided by third party capital ranging from private individuals to ILS funds and trade capital.

Blenheim is a 100% owned subsidiary of White Bear Capital, which is in turn substantially owned by its staff.

Source: Blenheim Underwriting

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