Reinsurance News

Beazley Smart Tracker Syndicate 5623 given Lloyd’s approval

8th December 2022 - Author: Pete Carvill

Beazley Smart Tracker Syndicate 5623 has been granted Lloyd’s approval, meaning it will move from a Special Purpose Arrangement to full syndicate status.

Beazley logoA statement from Beazley said that the approval will be effective from the beginning of January.

Adrian Cox, CEO Beazley, said: “As a pure follow syndicate, 5623 offers a market-leading expense ratio and access to carefully selected market facilities and consortia.”

He added: “Since launch in 2018, we have proved we can provide brokers and clients with efficient, light-touch follow capacity, while also returning an underwriting profit to Beazley and our third-party capital partners, and it is pleasing that Lloyd’s has recognised this success by granting full syndicate status.”

The pure follow syndicate is backed by third-party capital providing Funds at Lloyd’s (FAL). Launched in 2018, the syndicate has been profitable for all closed years of account to date. The firm did announce back in August that it was looking to become a full market-facing syndicate at Lloyd’s, after being granted ‘in principle’ approval.

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The syndicate’s 2023 stamp capacity will be £340m, with a business plan to underwrite gross premium of $425m.

It will continue to provide clients with follow capacity across a diversified mix of classes, delivering the benefits of access to Lloyd’s specialist marketplace with a low expense ratio.

Will Roscoe, who has managed the Smart Tracker since 2019, has been appointed its Active Underwriter. Roscoe was first appointed to lead the syndicate in 2019. The smart tracker syndicate was set up in 2018 with the aim of providing investors with an opportunity to track Lloyd’s market business and provide returns that aim to be less volatile and consistently above the Lloyd’s average.

The Smart Tracker was launched in 2018 and has been profitable for all closed years of account to date. It participates in London market broker facilities, line slips and consortia business using an efficient, lower cost ‘follow’ model.

Currently this business is accepted into Beazley Syndicate 3623 and then reinsured to SPA 5623, which is backed by third party capital.

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