Victor Insurance Holdings (Victor) describes itself as the world’s largest MGU with locations in the US, Canada, UK, Netherlands, Italy, Germany, and Australia. Now it has announced approval from Lloyd’s to establish Victor Syndicate 2288 which will commence underwriting effective on January 01, 2020. This syndicate will have a stamp capacity of £57 million, supporting a business plan of US$100 million.
Victor Syndicate 2288 will support Victor’s underwriting of property and casualty (P&C) business in the US, UK, Italy, and the Netherlands and also provide opportunities for capital partners to participate in risks underwritten by its underwriting hubs in Boulder, Colorado, US; London, UK; Rotterdam, Netherlands; and Milan, Italy.
President of Victor International, Anthony Stevens said: “We have extensive history with Lloyd’s as a coverholder and are delighted to broaden our strategic relationship with such a vital market. Lloyd’s digital-forward approach aligns well with Victor’s digital innovation and our international expansion plans.”
Jill Frances (pictured above) will be the active underwriter for Victor Syndicate 2288 and will also assume the role of chief underwriting and operations officer for Victor International.
Frances, who brings over 20 years of experience in speciality underwriting to the team, will report to Stevens and relocated to London on December 01, 2019. Kevin Collins will become executive leader of the architects and engineers division at Victor US and Zach Vollmer will remain the leader of the real estate programme.
In the US, the syndicate will provide ongoing support to serve the needs of small commercial properties in catastrophe-exposed areas.
“The Victor syndicate will enable us to respond to the needs of underserved clients in catastrophe-exposed areas of the US through our subsidiary, ICAT,” said Brian Hanuschak, president of Victor North America. “Under the Lloyd’s banner, we are well positioned to serve the needs of our policyholders and our network of independent agents and brokers.”
Asta will be the managing agent for the new syndicate, providing underwriting oversight and operational support.
Julian Tighe, CEO of Asta, said: “This is our second launch at Lloyd’s this year, and we look forward to working with Jill and her team as they re-position their business for future growth under the Lloyd’s franchise.”