Hampden Agencies, the biggest Lloyd's members' agent, is on the verge of completing a deal that could see the formation of a new Lloyd's syndicate as well as a reinsurance sidecar.
Hampden is close to securing the third party capital backing for both operations, which are expected to begin writing business in April 2007.
It is not clear at this stage what lines of business or what level of capacity the syndicate and sidecar will write.
The two deals follow the formation in January of MAP Syndicate 6103, which private investors provided nearly £43m in premium income capacity for in three weeks, £28.6m of which was supplied by Hampden's own investor base.
Nigel Hanbury, chief executive of Hampden, told Insurance Times: “The Annual Venture review [carried out by Lloyd's], has come out with a different way of trading and created less friction with managing agents and opened up more outlets for us.
“People are beginning to appreciate what we offer, which is a really flexible form of capital that can act on really short notice.”
Hanbury said in total the members' agent had considered 12 “varying” syndicate ideas, before whittling it down to two.
The news follows reports last week that Lloyd's is looking at around 18 new propositions for 2007.
