Blenheim Underwriting, a wholly owned subsidiary of White Bear Capital, has obtained ‘Approval in Principle’ to launch a new managing agency by the Lloyd’s Board.
Following the approval, Blenheim Underwriting can now submit an application to UK regulatory bodies, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for their approvals, enabling the firm to move to the next stage of the process.
Blenheim Underwriting specialises in property treaty, D&F property, specialty reinsurance, contingency and accident & health. Blenheim Syndicate 5886 at Lloyd’s has been managed by Asta Managing Agency since its inception and started underwriting for the 2017 year of account.
The syndicate has capacity of £250 million for 2020 which is provided by third-party capital ranging from private individuals to insurance-linked securities (ILS) funds and trade capital.
Peter Scales, Chief Executive Officer (CEO) of White Bear, and Director of Blenheim, commented: “This is one of the principal stepping stones that we targeted in building a modern independent underwriting business based on our first class underwriting teams.
“It marks a further development in our ability to best serve clients and their brokers, as well as a wide variety of capital providers in the evolving Lloyd’s, wider insurance and capital markets.”
