Lloyd's managing agency Liberty Syndicates has announced a 31% increase in its capacity for Syndicates 190 and 282, reaching a total of £793m for 2004. This will make the agency one of the largest in the Lloyd's market.
In addition, former Prudential group insurance risk manager Mark Butterworth has joined as chief operating officer with immediate effect. This is a newly created board position, revealed a report.
Liberty Syndicates managing director, Sean Dalton, said: "Mark's primary responsibility will be managing the operational risk of Liberty Syndicates. This includes proactively identifying stresses and risks in the business' operations, formulating solutions to address these risks; and promoting and implementing change in policies and procedures."
He added: "The increase in capacity makes us one of the largest managing agencies at Lloyd's, which provides us with a strong position commercially. The main growth driver is reinsurance, a rapidly changing class of business and one still offering significant benefit to all parties."
