American International Group (AIG) has announced a proposal to launch a new Lloyd’s syndicate serving the specialist USW high-net-worth market. The syndicate will start writing business January 01 and is projected to write up to US$1 billion in gross written premiums.
Syndicate 2019 will be managed by Talbot Underwriting Limited, a managing agency acquired by Lloyd’s last year. The syndicate has undergone the normal scrutiny Lloyd’s applies to potential new entrants to the market, and has benefited from some of the framework improvements being piloted as part of the Future at Lloyd’s Blueprint One, according to AIG. Those improvements include a streamlined initial application-to-approval process of around four months.
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