After some time away from Lloyd’s, experienced underwriter Mike Pritchard sought a return to market with a modern version of the traditional syndicate, Agora Underwriting. He’d spotted an opportunity to build a profitable book of business, and had assembled a highly experienced and committed management team.
But experience and commitment can only take you so far, as establishing a new business at Lloyd’s presents a number of significant challenges. So Agora approached Asta, who put together a team who advised him on the best route to market.
Asta: ready to offer knowledge, advice and expertise.
Lloyd’s expects new entrants to produce a sound business plan, and evidence that the new syndicate will add diversity and value to the market. They also look for the ability to combine world-class operational capabilities with cost efficiencies.
Asta’s intimate knowledge of Lloyd’s and their approach to new entrants led them to conclude that a Special Purpose Arrangement (SPA) was the way forward. An SPA is based on partnership, as it gives a new entrant the chance to use an established syndicate to grow a book of business.
One of Asta’s existing syndicate clients made the ideal host, and the arrangement offered benefits for all the parties involved. The host would be able to deploy capacity across additional classes of business, while Agora would be able to use the established syndicate’s capacity and infrastructure to create a presence at Lloyd’s.
A specialist new entrant team in action.
Success as a new business at Lloyd’s is never a given, so Asta assembled a team of experts with specialist knowledge who worked closely with Agora, and together they prepared the SPA business plan and rationale.
They took joint responsibility for the creation of the plan and its submission, a process that demanded in-depth technical expertise. They also focused on building a positive relationship with Agora, and this resulted in a thorough understanding of the innovative and entrepreneurial nature of the business.
With Lloyd’s in principle approval achieved, the team expanded to include all relevant functions. A schedule of services was prepared and tailored to Agora’s requirements, and the various tasks Asta would perform were outlined.
Asta’s experience and advocacy was the key to this successful outcome, and combined with a sound business plan, assured Lloyd’s that the proposed SPA would add value to the market.
An innovative new business brought to market.
It took time, commitment and hard work, but Asta’s unrivalled experience of bringing new businesses to Lloyd’s combined with Mike Pritchard’s experience and reputation was at the heart of Agora’s success. But it wasn’t just down to good planning. The team’s ability to understand Agora’s vision, strategy and objectives, and a readiness to recommend the best route was key.
An SPA was the ideal solution for all the parties involved, and Agora has since moved on to establish a full syndicate. And as they develop further, Asta will continue to work with them, offering expertise, guidance and encouragement every step of the way.