Asta, a third-party managing agent at Lloyd’s, has launched syndicate 4747, its first syndicate-in-a-box.
The syndicate has received in-principle approval from Lloyd’s to start writing business effective July 1, with stamp capacity of £15 million in year one, estimated to rise to £62.5 million in year three.
4747 is a specialist syndicate launched by the team at Carbon Underwriting to drive transformation in the London MGA market.
It operates as an underwriting and data lead with a focus on coverholder partnership.
Syndicate 4747 is supported by its proprietary technology platform ‘Graphene’.
The syndicate acts as an incubator, enhancer and springboard for MGAs to encourage accretive and profitable growth and does so at a market leading expense base.
Permission for syndicate 4747 to underwrite will follow successful completion of Lloyd’s “making it happen” review work.
Nicholas Tye has been appointed active underwriter for syndicate 4747, supported by a management team at Carbon Underwriting consisting of Stephen Card as chief executive officer, Jacqui Ferrier as the chief underwriting officer, and Ben Laidlaw as senior underwriter and chief technology officer.
“We are very pleased to unveil our first syndicate-in-a-box (SIAB) at Lloyd’s,” said Julian Tighe, CEO of Asta.
“This is testament to the significant role that we have played in developing the SIAB framework and our commitment to create a lower-cost and fast-tracked route into Lloyd’s for entrepreneurial underwriters.
“The launch of Carbon is proof that Asta’s cost-effective SIAB platform offers MGAs scalability through diversification, wider distribution, reduced reliance on third party capital and a greater share of underwriting profits.
“The agility and cost-efficiency of our SIAB framework, reinforces Asta’s position as an independent managing agent which offers a flexible range of solutions that not only facilitate entry to Lloyd’s, but adapt to the changing needs of businesses throughout their lifecycle.”
Commenting on the move, Tye added, “The new syndicate will on-board current and prospective coverholders in the property and casualty space in the first instance. Our intention is to broaden our portfolio of classes as they fit with our business model and market conditions.
“Our goal with syndicate 4747 is to encourage efficient and profitable growth for MGAs. We want to champion Lloyd’s as the globally preferred binder capacity market.”