The Awbury Group and Polo Managing Agency Ltd. have announced that Lloyd’s has granted “in principle” approval for Awbury Syndicate 2025 to commence underwriting from Jan. 1, 2025.
Awbury Syndicate 2025 is focused on credit risks and will initially target new and existing European clients, comprised primarily of global banks and asset managers. Awbury Syndicate 2025 will complement the activities of the Awbury Group, a specialty insurance and principal investments group. The group focuses on unique and non-traditional financial risks, currently offering insurance and reinsurance protection from Awbury Insurance Ltd., a Bermuda-domiciled multi-line insurance company, and Awbury Insurance Co., a Delaware-domiciled multi-line insurer.
The syndicate will be managed by Polo Managing Agency Ltd., the independent turnkey managing agent and a unit of PoloWorks.
Awbury and Polo worked with a specialist team from PricewaterhouseCoopers (PwC) on the application.
“We believe that our expertise and specialist knowledge in credit and financial risks, as well as our positive and decades-long relationship with Lloyd’s through our various insurance businesses, makes for a uniquely attractive opportunity to work at Lloyd’s and utilize its innovative and universally respected and unique underwriting platform for the benefit of our clients and partners,” commented Alex Dubitsky, chief executive officer of the Awbury Group in a statement. “I’m looking forward to working with Polo and PwC, as well as the entire team at Lloyd’s, to build our place in the Lloyd’s market.”
“Awbury is a sophisticated financial products group and will bring innovation and accretive business to Lloyd’s,” according to Paul Andrews, CEO of PoloWorks and Polo Managing Agency (PMA).
“Polo will provide a full-service offering, including managing agency and administration support,” Andrews added. “Combined with support from our PoloPartners joint venture with PwC, this demonstrates Polo’s ability to provide a full service for unique syndicates wanting to grow or start out at Lloyd’s.”
“Awbury’s entrance into the Lloyd’s market brings a highly experienced management team with specialist knowledge in financial risks to the market and demonstrates the attractiveness of the Lloyd’s platform and its unique position in the global specialty insurance landscape,” said Andy Moore, PwC UK London Market Leader. “We have been pleased to support Awbury throughout this process and look forward to working with Awbury and Polo through our PoloPartners joint venture as they build a successful Lloyd’s business.”
About Awbury and PoloWorks
Launched in 2010, Awbury provides bespoke re/insurance cover for complex financial risks – products used by companies, banks, insurers, asset managers and governmental entities.
Owned by the P/C legacy solutions consolidator Marco Capital, PoloWorks is a Lloyd’s and London market insurance services business, made up of four divisions: Polo Managing Agency (PMA), Polo Commercial Insurance Services (PCIS), Polo Insurance Managers (PIM), and PoloPartners.
Source: Awbury Group and PoloWorks
Topics Excess Surplus Lloyd's
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