Asta, the leading third party managing agent at Lloyd’s, today announces it has received “in principle” approval from the Lloyd’s Franchise Board to establish and manage Blenheim Syndicate 5886. Asta expects to commence underwriting policies incepting on or after 1 January 2017.
Nick Destro will be active underwriter joining the initial senior management team of Peter Scales and John Lynch. Destro will be joined by Geraldine McMillan and Michael O’Sullivan to underwrite the treaty account from 1 January.
Blenheim will be a new ‘independent’ with the majority of the business owned by the team. Its aim is to provide the desirable trading environment for market-leading expertise and develop the next generation of Lloyd’s underwriters.
Blenheim has a planned stamp capacity for 2017 of £150m, underwriting US and international treaty books, direct insurance (D&F) and some speciality lines. The aim is to build out the portfolio of lines over time subject to securing genuine market leading expertise. Blenheim anticipates announcing a number of appointments over the next weeks and months to achieve this.
The syndicate’s capital structure will comprise a mixed capital base incorporating private names, trade and ILS capital sources to give maximum flexibility.
Asta CEO Julian Tighe said: “Asta is pleased to have been able to secure “in principle” approval from Lloyd’s to establish and manage Blenheim Syndicate 5886. Our expertise and depth of market knowledge will offer Blenheim all the underwriting management, regulatory and business support it needs as it develops and grows. Asta is impressed with the focus and quality of Blenheim’s business plan. We are confident, not only of the syndicate’s success but that it will also make a significant contribution to the Lloyd’s market.”
Lynch added: “I’m looking forward to the prospect of starting underwriting with effect from 1 January 2017 and pleased with the confidence that Lloyd’s have demonstrated in us and our business plan. Asta’s expertise has been invaluable and we look forward to continuing working together as we build the syndicate’s business and reputation.”
For further information, please contact:
Tel: + 44 20 7562 4444
Tel: + 44 20 7562 4444
Notes for Editors
Michael Rafter, Group Chief Executive Officer, Arma
Rafter is an innovative insurance executive with more than 26 years of experience covering various senior roles across the globe, with the past 11 years based in the UAE. Formerly the head of general insurance at Oman Insurance Company, Rafter has a long career in underwriting in the Middle East and other emerging markets, having previously held senior roles at AIG. His career has spanned all aspects of commercial and consumer lines through general management, underwriting, brokerage and reinsurance.
Hajar Fadel, Senior Executive Officer, Arma
Fadel is an experienced insurance manager, having spent the last 8 years working for the insurance industry in MENA. Prior to joining Arma, Fadel was Executive Vice President – Executive Management for the largest insurer in the UAE and managed partnerships with multinational insurers across lines of business. She has extensive experience in new market entry and expansion; and has launched first-to-market ventures across the Middle East.
Asta Managing Agency Ltd is the leading third party managing agent at Lloyd’s and is responsible for nine syndicates with capacity under management in 2016 of approximately UK£1bn:
Syndicate 1686 (Axis)
Syndicate 1729 (Dale Underwriting Partners) Syndicate 1897 (Skuld), SPA 6126 Syndicate 2357 (Nephila)
Syndicate 2525 (DL Dale & Others) Syndicate 2689 (Verto)
Syndicate 2786 (Everest)
Syndicate 4242 (ICAT), SPA 6123 (ICAT) Syndicate 5886 (Blenheim)
Asta Underwriting Management Limited (AUML) launched in 2015, making the skills, experience and capabilities behind Asta’s success as the leading third party managing agency at Lloyd’s available, for the first time, to the MGA market.
UK MGAs under management: