Specialist insurance provider CFC has announced that CFC Syndicate 1988 has incepted and started trading, making CFC the first independent MGA of scale to establish a Lloyd's syndicate and the first MGA-to-syndicate business to secure risk capital from a pension fund.
The CFC Syndicate 1988 received risk capital from CFC and worked with Aon Capital Advisory to attract heavyweight third-party capital support, including a significant pension fund, an ILS manager, and reinsurers in Bermuda, Cayman, and Japan.
CFC established the syndicate and raised its capital in less than six months, with the entire process conducted virtually. It will write around 20% of CFC's established portfolio, which is expected to generate approximately £100 million in gross premium. Matt Taylor, of CFC, is the active underwriter.
CFC Syndicate 1988 will not have a box at Lloyd's and will use technology with a lower level of resources than traditional syndicates.