Brit Limited (“Brit”), the global specialty insurer, is delighted to announce that Lloyd’s Franchise Board has given in principle approval for the launch of a new syndicate, Syndicate 2988, which proposes to begin underwriting business attaching on or after 1 January 2017, subject to completion of the final ‘Making it Happen’ stage of Lloyd’s application framework.
The new syndicate will be managed by Brit Syndicates Limited, Brit’s Lloyd’s managing agent, which also manages Brit’s Lloyd’s Syndicate 2987 and holds Chartered Insurer status.
Syndicate 2988 will have a capacity of £52m ($82m) for its first year of trading and is to be supported by private Lloyd’s members. Underwriting will be undertaken by Brit’s existing teams and the syndicate will write a well-balanced global portfolio of both insurance and reinsurance across a broad range of specialty lines in which Brit already has well established product offerings.
The launch of Syndicate 2988 reinforces Brit’s long-term commitment to the Lloyd’s market and ambition to use its infrastructure to expand its current position as the largest Lloyd’s only insurer.
Matthew Wilson, Brit Group Deputy CEO and Brit Global Specialty CEO, commented: “I am delighted to announce the launch of Syndicate 2988. Brit is the largest business writing solely on the Lloyd’s platform and we believe this focus is a key differentiator for us. Today’s announcement is further evidence of our commitment to this market.
Syndicate 2988 will help us further position Brit as the specialist underwriter of choice, building on our existing strength across underwriting, claims and capital management and track record of delivering attractive returns for capital providers.
Delivering new products, solutions and perspectives for brokers and clients is at the very heart of our strategy. The launch of Syndicate 2988 is a powerful demonstration of this objective, and we look forward with excitement to it growing Brit’s presence at Lloyd’s.