Asta, a third-party managing agent at Lloyd’s, has received approval for the launch of Picnic Syndicate PIC 2460 (Picnic), a syndicate-in-a-box due to commence underwriting on January 1.
Picnic will initially provide re/insurance to the mutuals that parent Picnic Labs forms and develops in Australia and New Zealand.
Picnic will first focus on short-tail lines underwritten through pro-rata and excess of loss re/insurance, avoiding peak peril zones.
Gross written premium of £19.2 million is forecast for the first year of operation from business which is new to Lloyd’s.
The syndicate will re/insure Picnic Lab’s Our Ark Mutual, whose members include Australian churches, schools, aged care facilities, and other not-for-profit organisations.
Asta is Picnic’s independent Lloyd’s managing agent partner, providing full third party management including underwriting oversight, actuarial, risk management, regulatory compliance and governance services.
“We’re excited to be working with Asta, who were instrumental in getting us over the line at Lloyd’s,” said Picnic Labs Chief Executive, Charles Pollack.
“We believe the Picnic model for mutuals is the way of the future and that the strength and flexibility of the Lloyd’s platform, through the SIAB model, is key to making it into a reality for our member insureds the world over.”
Julian Tighe, CEO of Asta added, “Picnic has a superb, innovative insurance model, and we’re proud to be involved with our second SIAB following the launch of Carbon syndicate 4747.
“We’ve helped Picnic Labs realise the essential central (re)/insurance part of their business vision by providing not only the platform, but by helping them source capital and talent for SIAB 2460.
“Both Lloyd’s and Asta viewed Picnic as an ideal SIAB candidate, and I’m delighted we have been able to work together with Picnic to deliver this major step forwards. It is the sort of dynamic business which will benefit Lloyd’s enormously as it reforms and looks to the future.”
