AdA Underwriters Limited, a specialist insurance underwriting business operating in the specialist Lloyd’s re/insurance market, has secured regulatory approval to establish its own managing agency.
The approval has been granted by the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA) and Lloyd’s, with AdA expecting the new structure to take effect on 1 January 2027.
AdA said the move forms part of the company’s continued development and follows its progression from an underwriting team into a Special Purpose Arrangement (SPA) and then Syndicate 2024. Rather than introducing a new underwriting proposition, AdA said the establishment of its managing agency will give the business direct responsibility for the management and oversight of Syndicate 2024.
According to AdA, the new operating structure will bring underwriting, claims and operational decision-making under closer alignment. The company said this is intended to provide greater flexibility and accountability in its work with brokers, clients and capital providers, while giving AdA increased control over the direction and day-to-day operation of the business.
AdA said its existing underwriting proposition will remain in place, alongside its technical underwriting approach and claims leadership. The company added that becoming a managing agency will provide additional control over its strategy and operations as it focuses on the longer-term development of the business and its relationships with market stakeholders.
AdA Underwriters Limited is majority owned by the company’s management and staff, while Saudi Re holds a strategic minority investment in the business.
Natasha Jodrell, Chief Executive Officer of AdA, commented: “This is a significant milestone in AdA’s development and marks the next stage of our journey from underwriting team to SPA, to Syndicate 2024 and now to our own managing agency. Becoming a managing agency gives us greater control over our strategy and operations, enabling us to remain nimble, responsive, and focused on delivering exceptional service to our brokers, clients and capital providers.
“We would like to thank Lloyd’s and the Probitas Managing Agency for their support, trust and constructive partnership throughout this journey, and I would also like to thank the entire AdA team for their incredible hard work and commitment over the last three years.”
Steven Burns, Chair of AdA Underwriters Limited, added: “The approval represents a huge achievement by the AdA team in a very short time span, assisted by the very proactive approach of both Lloyd’s and the regulators. We look forward to continuing to grow and diversify Syndicate 2024 in line with our core focus on underwriting excellence and profitability.”
Jason Storah, CEO, UK & Ireland General Insurance at Aviva, said: “It’s fantastic to see AdA receive regulatory approval, marking the next stage in its journey. This is an important step for the business and recognition of the strength of the team. On behalf of everyone at Probitas, I wish them every success for the future.”
