Multi-class international managing general agent (MGA) platform Volante Capital Holdings has announced that it has received “in-principle” approval from Lloyd’s to launch Syndicate 1699 for the 2022 year of account.
In a statement, Volante said that the new Lloyd’s syndicate will have an initial stamp capacity of £130 million and be managed by third-party managing agency Asta.
“The syndicate will bring business to Lloyd’s through Volante’s existing international network of nine local service companies, which will underwrite in eight classes across five continents,” Volante said in its statement. “Volante’s MGA teams will continue to underwrite business separately using third-party capacity binders.”
“We seek to create a new kind of international Lloyd’s vehicle within the Volante Group, one which champions Lloyd’s standards and upper quartile underwriting performance,” said Talbir Bains, founder and chief executive officer of Volante Global. “Our ambition is to establish a fully aligned partnership between Lloyd’s and our existing local underwriting offices, which will be re-established as service companies to Volante Syndicate 1699.”
“As an MGA operation, Volante has been an outstanding performer, based on its refreshing and entirely different business model,” said Julian Tighe, CEO of Asta. “When they came to us for advice on forming a Lloyd’s syndicate, we immediately saw how their approach and objectives would be beneficial to the market, to capital providers, and, with Volante’s innovative products and confident commission structure, to distribution partners too. As Lloyd’s seeks new and innovative ways to grow the market, Volante brings not just a proven and practical technological approach, but also an organisational structure and ethos which will do just that. Asta is proud to stand alongside Volante in this exciting new venture.”