Allied World gets approval for new managing agency

Global insurer Allied World Assurance has received approval to set up its own Lloyd’s managing agency.

The formation of the managing agency has been approved by Lloyd’s, the PRA and the FCA.

Allied World Managing Agency will manage the insurer’s Lloyd’s syndicate, Syndicate 2232, from tomorrow (1 April).

The syndicate, set up in June 2010, is currently managed by Capita managing agency, a division of outsourcer Capita Insurance Services.

Syndicate 2232 active underwriter Darren Powell said: “We are delighted that Lloyd’s, the PRA and FCA have recognised our commitment to the market and the hard work we have put in to get to this stage.

“Launching our own managing agency at Lloyd’s has been a primary objective for our team. We are also appreciative of the efforts of the team at Capita who helped get Syndicate 2232 up and running and who have helped to make this transition as seamless as possible.”

Allied World Europe president Julian James added: “The establishment of Allied World Managing Agency Limited at Lloyd’s is another significant step for our European platform.

“We continue growing, expanding our presence in the primary market and providing our trading partners and clients with innovative products and services to meet their evolving challenges. We will continue to work with Lloyd’s as a key partner to expand our product offerings in the European market and enter new territories across the globe.”

Capita Managing Agency chief executive Iain Bremner said: “This is the first client that we have managed from the creation of their syndicate through to the establishment of their own Lloyd’s managing agent.

“Throughout the process we have been committed to working closely with Allied World and I’m convinced this was instrumental in achieving such a smooth transition. We are currently looking at new syndicate management opportunities and are very positive about our future in this business.”