Cayman Islands domiciled Greenlight Capital Re, Ltd., a provider of multiline property and casualty insurance and reinsurance, has confirmed that Greenlight Innovation Syndicate 3456 has now received “in principle” approval from Lloyd’s to become a full syndicate, effective January 1st, 2027.
Established under the Syndicate-in-a-Box (SIAB) model in 2022, Greenlight Re’s insurtech-focused syndicate started underwriting from April of that year.
Since its inception, Syndicate 3456 has successfully developed a unique portfolio of Innovations business, which the reinsurer says is highly differentiated. The syndicate has delivered an underwriting profit each year, and provides the insurtech companies within the Greenlight Re Innovations client portfolio with access to the Lloyd’s platform, international licensing, and rating.
Greenlight Re notes that the transition to syndicate will enable the syndicate to continue to support innovative Coverholders and more traditional Coverholder business. Further, the reinsurer expects the evolution to produce increased gross written premium volume within Syndicate 3456.
Greg Richardson, Greenlight Re CEO, said: “Syndicate 3456 has been a key part of our Innovations strategy over the last four years. We are excited to transition to full syndicate status for 2027 and to have the opportunity to expand our offering to clients and brokers beyond our Innovations business. While Innovations business will remain the primary focus of Syndicate 3456, our Lloyd’s plan will expand to write some more traditional delegated underwriting authority and consortia business, as well as a limited amount of treaty reinsurance. Lloyd’s is a key part of our overall strategy and the transition to full syndicate status cements our strong position in the Lloyd’s market.”
Lorraine Harfitt, Asta CEO, commented: “We are delighted that Greenlight Innovation Syndicate 3456 has received approval from Lloyd’s to become a full syndicate. Since launching as a Syndicate-in-a-Box in 2022 they have built a strong underwriting platform in Lloyd’s which has excelled in developing a portfolio of Innovations business. The transition to a full syndicate is a fantastic milestone and is testament to the strength of the Greenlight Re Innovations strategy and team. At Asta we are incredibly proud to have played a part in that journey and to continue to support Syndicate 3456 as it grows and establishes itself further in the market.”
