London, 21st June 2021: Asta, the leading third-party managing agent at Lloyd’s, announces that CFC’s syndicate 1988 has been granted final approval from the Council of Lloyd’s and will commence underwriting on 1 July 2021.
CFC is a pioneer in cyber insurance with 20 years of experience in addressing emerging risks and digital economy business. It is the first independent MGA of scale to establish a syndicate at Lloyd’s. Syndicate 1988 will write a fixed proportion of CFC’s established portfolio, which will generate £100 million in gross premium. The infrastructure-light and future-oriented new business will not have a box at Lloyd’s and through application of technology will be operated with a lower level of resources than for traditional syndicates.
Julian Tighe, chief executive officer of Asta, said: “We’re delighted to have supported CFC in launching at Lloyd’s and, it’s worth noting that the entire process including the capital raise was conducted ‘virtually’ in less than six months. This marks Asta’s fourth successful collaboration in 2021 – CFC syndicate 1988, the launch of Mosaic syndicate 1609, Paul Witzenfeld’s MGA, and the transition of MPS SPA to a full syndicate.”