Global specialty insurer Brit Limited has received “in principle” approval to launch its newest Lloyd’s business, Syndicate 2988.
The Lloyd’s Franchise Board has greenlighted the insurer’s plan to set up the syndicate, which intends to begin underwriting business attaching on or after January 01, 2017.
Brit’s Lloyd’s managing agent will run the new business alongside Syndicate 2987 while the insurer’s existing teams will carry out the underwriting.
Syndicate 2988 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.
It will have a capacity of £52m (US$82m) for its first year of trading and will be supported by private Lloyd’s members.
Brit said the launch of Syndicate 2988 reinforces the company’s long-term commitment to the Lloyd’s market and its expansion goals.
“Brit is the largest business writing solely on the Lloyd’s platform and we believe this focus is a key differentiator for us,” said Brit group deputy CEO Matthew Wilson.
Wilson said the launch of the new syndicate is a “powerful demonstration” of the company’s objectives.
“Syndicate 2988 will help us further position Brit as the specialist underwriter of choice,” he said.
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