Syndicate 1729 will start underwriting at the beginning of 2014
Asta has been given “in-principle” approval from the Lloyd’s Franchise Board to establish and manage a new owner-managed syndicate, Syndicate 1729.
The syndicate’s active underwriter will be Duncan Dale and it will cover property and casualty insurance and reinsurance. Underwriting is planned to begin on 1 January 2014.
About half (51%) of Syndicate 1729’s underwriting capital will be provided by ProAssurance Corporation, with the remaining 49% coming principally from private names.
Asta chief executive Stephen Cane said: “Asta is very pleased to have received ‘in-principle’ approval for this entrepreneurial start-up. We recognised early on that this was a rare opportunity to create a new, owner-managed syndicate dedicated solely to the Lloyd’s Marketplace.
“The approval demonstrates again the marketplace’s capabilities to foster and nurture entrepreneurial talent. Asta believe the financial backing of ProAssurance Corporation, other corporates and Private Names Capital provides a powerful capital base for the syndicate.”
Dale said: “We’re excited about the opportunity to build a new syndicate and we believe the concept is fully in line with Lloyd’s 2025 Vision. The backing of a strong, diverse capital base and Asta’s undoubted governance capabilities provide excellent support for the venture and we look forward to actively contributing to the market in 2014 and thereafter.”
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