Blenheim Underwriting, a wholly owned subsidiary of White Bear Capital, has now been granted final approval and received the necessary permissions to act as a managing agency in respect of Syndicate 5886.
It was revealed in March of last year that Blenheim had received ‘Approval in Principle’ to launch its new managing agency.
Syndicate 5886 at Lloyd’s has been managed by Asta Managing Agency since its inception, and commenced underwriting for the 2017 year of account.
Now, after obtaining all of the required permissions from the Prudential Regulatory Authority (PRA), the Financial Conduct Authority (FCA) and Lloyd’s, management of the syndicate has been transferred to Blenheim from Asta, effective August 6th, 2021.
For 2021, Syndicate 5886 has underwriting capacity of £325 million, which is up on the £250 million reported for 2020.
Peter Scales, Chief Executive Officer (CEO) of White Bear Capital and a director of Blenheim, commented: “This is a significant milestone for the group that the team has worked hard to achieve. We would like to thank Asta for acting as our managing agent in the syndicate’s formative years and we look forward to the future as an independent business.”
