Carbon Underwriting outlines premium growth ambitions for 2024

Firm is already exceeding plans for the current year

Carbon Underwriting outlines premium growth ambitions for 2024

Insurance News

By Kenneth Araullo

Carbon Underwriting has announced its ambitious growth plans for 2024 following a series of successful underwriting years.

The company, which has consistently outperformed its targets since 2020, received formal approval from Lloyd’s for an increase in stamp capacity for the upcoming year.

As part of its 2024 strategy, Syndicate 4747, operated by Carbon, aims to raise its gross written premium from £150 million in 2023 to £204 million in 2024. This increase will be facilitated through the introduction of new product lines and the expansion into additional geographical markets, enhancing its global coverholder network.

Furthering its technological edge, Carbon intends to continue the development of its Lloyd’s property consortium, driven by its proprietary underwriting platform, Graphene. This platform has been gaining traction in the market for its data-driven approach.

The team at Carbon, which has expanded from four members in 2020 to 51 specialists, will also see further growth. This increase in personnel reflects Carbon's commitment to strengthening its expertise in the market.

Carbon CEO Nick Tye (pictured above) commented on the company’s trajectory and prospects, highlighting Carbon’s focus on in-house technology to enhance underwriting processes and the role of its team in setting high standards within Lloyd's syndicates.

“We fully intend to continue to deliver outstanding results, and the green light for our 2024 business plan from Lloyd’s for Syndicate 4747 is confirmation of our confidence and stability. This year we welcomed fresh investment backing through our partnership with Apiary Capital, which represents a significant acceleration opportunity for us. As a team, we share a vision, and we succeed as one,” Tye said.

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