The Lloyd’s Franchise Board has approved “in principle” the plan of Asta Managing Agency to establish and manage Blenheim Syndicate 5886.
Asta said Blenheim will operate independently, with the majority of the business owned by the team. The syndicate’s underwriting policies are expected to begin on or after January 1, 2017.
“Asta is pleased to have been able to secure ‘in principle’ approval from Lloyd’s to establish and manage Blenheim Syndicate 5886,” said Julian Tighe, the managing agent’s chief executive.
“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,” Tighe added.
Nick Destro has been appointed as active underwriter, joining the initial senior management team of Peter Scales and John Lynch. Geraldine McMillan and Michael O’Sullivan have also been appointed to underwrite the treaty account from January 1.
For 2017, Blenheim has a planned stamp capacity of £150 million, underwriting US and international treaty books, direct insurance and some speciality lines.
Blenheim aims to build out the portfolio of lines over time. It expects to announce several appointments over the coming weeks and months to achieve this goal.
The syndicate’s capital structure will include a mixed capital base incorporating private names, trade and ILS capital sources to give maximum flexibility.
“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,” Tighe said.
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