We use cookies to improve this site and enable full functionality. You can change your cookie settings at any time using your browser. Our cookie policy.

Syndicate-in-a-box gets in-principle nod

Syndicate-in-a-box gets in-principle nod | Insurance Business UK

Syndicate-in-a-box gets in-principle nod

Syndicate 3456, which will be managed by third-party managing agent Asta, is the latest syndicate-in-a-box (SIAB) to get in-principle approval from Lloyd’s.

The insurtech-focussed syndicate is being established by Greenlight Capital Re’s (Greenlight Re) Greenlight Re Innovations (GRI), enabling Greenlight Re to provide capacity to its insurtech portfolio. To date, GRI has made 20 investments.

“GRI’s support of insurance innovators is a key element of Greenlight Re’s strategy,” said Greenlight Re chief executive Simon Burton. “By combining Greenlight Re’s knowledge of and access to early-stage insurtechs with Lloyd’s reputation, licensing, and rating, we aim to create a market-leading insurtech syndicate which can generate strong underwriting returns.”

Leading Syndicate 3456 in his new role as active underwriter is Andy Gladwin, who came onboard the group in November 2020 as Greenlight Re Marketing (UK) Limited managing director. He brings more than three decades of London Market experience to the SIAB.

Gladwin commented: “Greenlight Re has been a supporter of Lloyd’s for several years through the provision of Funds at Lloyd’s capacity. Syndicate 3456 will strengthen our Lloyd’s relationship and London Market presence. We are delighted to work with Asta on this exciting initiative.”

Asta’s other SIABs are Syndicate 4747 and Syndicate 1902. Meanwhile the managing agent is also responsible for 12 Lloyd’s syndicates, four managing general agent clients, and one special purpose arrangement.

“We are pleased to unveil our latest SIAB, which further reinforces our ability to provide a flexible and swift route to market for aspiring new entrants to Lloyd’s,” declared Asta CEO Julian Tighe.

“GRI Syndicate 3456 embodies innovation with its exclusive insurtech focus, and we are delighted to work with the Greenlight Re team. We look forward to seeing the positive impact its business may have in Lloyd’s.”