Convex Group Limited has received in-principle approval to establish Lloyd’s Syndicate 1984, which is scheduled to commence underwriting in April 2025.
The international specialty insurer and reinsurer has worked alongside its advisors, Gallagher Re and Asta, with Asta appointed as the managing agent.
Syndicate 1984 will be led by active underwriter Jacqueline Wiffen, UK chief underwriting officer for insurance at Convex. The syndicate aims to underwrite £150 million in gross written premium in its first year.
It will focus on selected lines of international business, including accident and health, casualty, crisis management, equine, livestock and aquaculture (ELA), energy, marine, political risk, property, and reinsurance of Convex.
Syndicates are kicking off 2025 with major expansions across a variety of lines. In January, specialty re/insurer Africa Specialty Risks (ASR) appointed Genevieve Ahinful and Suzan Pardesi as deputy active underwriters of Syndicate 2454, a syndicate launched in April 2024.
Meanwhile, OAK Reinsurance also received permission to underwrite business starting January 1 under Lloyd’s Syndicate 2843. The syndicate says that it is projecting US$300 million in gross written premium (GWP) for 2025.
The syndicate is also being launched in collaboration with established capital providers, including Bain Capital and Hampden Agencies. Hampden is the largest provider of private capital to Lloyd’s. Polo Managing Agency will provide turnkey services for the syndicate.
Convex’s new syndicate also follows a major partnership formed by the firm with other leading insurance names to introduce a trade disruption insurance (TDI) facility.
Led by Tokio Marine Kiln (TMK) and in partnership with Convex and McGill & Partners, it offers limits of US$95 million and leverages AI-enabled technology provided by Altana to assess and underwrite trade disruption risks. The AI platform developed by Altana is designed to enhance the speed and accuracy of underwriting and submission processes for TDI.
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