High Premium Group (HPG) members have clubbed together to provide Funds At Lloyd’s (FAL) to support approximately £5 million of underwriting capacity in three Lloyd’s Syndicates.
The group, led by Dhruv Patel OBE, Deputy Chair of HPG and a Director of the Association of Lloyd’s Members (ALM), used their collective expertise and experience to examine several syndicates that have, until now, not been able to access private capital and selected Volante 1699, Envelop 1925, and Carbon 4747.
HPG comprises eminent figures including Lady Rona Delves Broughton, Chairman of the HPG and a former Lloyd’s Council member; David Johns Powell, a Director of the ALM; Johnny Rowell a retired Lloyd’s market underwriter and committee member of HPG; Alan Lovell, former Lloyds’ Council member and former Chair of the ALM; and Andrew Palmer, a committee member of HPG.
“Amidst the prevailing conditions in the insurance market, the limited investment options available through the Lloyd’s Capacity Auctions and our Member’s Agents, presented a gap we were keen to bridge,” Patel commented.
“In the context of John Neal’s stated target for private capital to make up 20% of the Lloyd’s market, we take immense pride in providing these prospects with our capital. We are particularly keen to foster new freehold syndicate capacity and encourage entrepreneurial underwriters.”
Talbir Bains, CEO of Volante, stated: “Volante Syndicate 1699 is delighted to welcome the addition of members of the consortium on to our capital stack. It is a coveted privilege for any Lloyd’s syndicate to attain capital through traditional Lloyd’s Names and a strength of capital sponsorship that the management team were focused to secure for Volante 1699. We look forward to working with our new investment partner and delivering to them, the very best returns we can, from Volante Syndicate 1699.”
Looking ahead, the HPG intends to grow and to streamline their process of screening new syndicate opportunities, thereby helping to expand the role of private capital within the Lloyd’s market.
