Specialist insurer CFC has announced that CFC Syndicate 1988 has incepted and begun trading.
The syndicate has worked with Aon Capital Advisory to attract third-party capital support including a large pension fund, an ILS manager, and reinsurers located in Bermuda, Cayman and Japan.
As previously announced, CFC Syndicate 1988 is writing approximately 20 percent of CFC’s established portfolio, which is expected to generate around £100 million in gross premium.
With Syndicate 1988, CFC is one of the first independent MGAs of scale to establish a Lloyd’s syndicate and the first MGA-to-syndicate business to secure risk capital from a pension fund.
It was established and capital raised in less than six months with the entire process conducted virtually.
Unlike traditional syndicates, Syndicate 1988 will not have a box at Lloyd’s and through the application of technology will be operated with a lower level of resources than traditional syndicates. Matt Taylor, of CFC, will be the Active Underwriter.
CFC Syndicate 1988 has been supported by the Aon Capital Advisory team and Asta Managing Agency who are acting as the syndicate’s managing agent.