Lloyd’s of London third-party managing agent, Asta, has received approval ‘in principal’ from the Lloyd’s Franchise Board to launch and manage Agora syndicate 3628.
Asta, alongside Skuld, announced the establishment of Special Purpose Arrangement (SPA) 6126 in 2015 and, following two years of operations the Lloyd’s Franchise Board has now given approval for the SPA to turn into a syndicate.
The syndicate is scheduled to start writing business from January 1st, 2018, and will continue to underwrite property business with a focus on international direct and facultative, binders and treaty business, which is to be privately placed by numerous “well-known industry players.”
The Syndicate has planned gross premium of £98 million for next year, and its active underwriter is Mike Pritchard, SPA 6126 Chairman and Chief Executive Officer (CEO) since its establishment.
Pritchard, commented; “I am very pleased to confirm that we will be fulfilling our long-term ambition of transitioning Agora from an SPA into a syndicate. Over the past two years we have grown from strength to strength and built a robust and diversified book of business with the hard work of all the team and the support of Skuld, all our capital partners, and managing agent Asta.
“I am pleased with the confidence that Lloyd’s has demonstrated in us and our business plan and look forward to the prospect of continuing the Agora story in 2018.”
CEO of Asta, Julian Tighe, added; “Over the past two years, Agora has developed an exceptional reputation in the market as an underwriter-driven and owned business. Mike and his team of experienced and skilled underwriters have developed a profitable and diversified book of business. We look forward to continuing to work alongside Mike and all his team as they take this next step in the evolution to become an independent syndicate.”