Lloyd’s of London insurer and member of Argo Group, ArgoGlobal, has announced the launch of the first Lloyd’s Market consortium for motor treaty business, which was supported by Barbican Insurance Group.
The consortium, which was led by ArgoGlobal, was launched in time for the January 1st, 2018 renewals, and enables carriers to write up to 10% of a motor placement.
The consortium will be led by Stuart Dale, International Casualty Treaty class underwriter, and is designed to bring new capacity to the market, enabling members to underwrite more premium and consolidate Lloyd’s markets that have an interest in writing this business in London.
Dale, commented; “By challenging the status quo and developing an innovative solution, we can better deploy our expertise, leverage our underwriting experience, and bring new capacity to the market for the benefit of both clients and brokers. We are now ideally placed to operate alongside the leading players in London and across Europe.
“This is a scalable initiative we aim to potentially grow with new capacity. It will also allow us to realise further opportunities created by changes in the rating and regulatory environment. We have been particularly pleased with the response from our broking partners to our new consortium with Barbican and are grateful for the market’s support. There are presently clear opportunities in this sector.”
Tim Mackenzie, underwriting manager for International Casualty Reinsurance, Barbican, added; “We are very pleased to support Stuart and ArgoGlobal in this new initiative. The motor market offers a good opportunity to diversify our portfolio and there is clearly scope for the consortium to carve a niche in this area and to challenge the traditional markets in Europe.”
