Specialist re/insurer Beazley has announced that its Smart Tracker Special Purpose Arrangement (SPA) 5623 will now become a full market-facing syndicate at Lloyd’s, after being granted ‘in principle’ approval.
Subject to Lloyd’s agreement of the Syndicate business plan and final approval, it will come into effect from January 1, 2023. From this date, Syndicate 5623 will exclusively underwrite business accepted by Beazley’s Smart Tracker.
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.
Will Roscoe has been appointed Active Underwriter of Syndicate 5623, he has managed the Smart Tracker since 2019.
Adrian Cox, CEO of Beazley said: “The Beazley Smart Tracker’s innovative ‘follow’ model, is designed with operational efficiency and rigorous underwriting at its core, reducing the traditional duplication of costs and improving efficiency for brokers and clients.
“Its success demonstrates broker, client and third party investor support of this new underwriting approach, which I’m delighted has been recognised by Lloyd’s’ support of our plan to transition the Smart Tracker from an SPA into a full syndicate from next year.”
