Aspen's new Lloyd's syndicate will carry out UK renewals for the Bermuda insurer
Aspen, the Bermuda-based insurer, will use its new Lloyd’s presence to support renewals from its UK insurance arm, the company said this week.
Aspen said Syndicate 4711, which was approved by Lloyd’s on Monday, would write $100m (£50.3m) of its forecast premiums in 2008, focusing on energy, marine liability, hull, transportation-related liability, aviation and certain specialty reinsurance renewals.
Aspen Managing Agency, will oversee Syndicate 4711. It will commence underwriting early this month. Matthew Yeldham, head of international insurance at Aspen, will in addition, become active underwriter of the new syndicate.
Chris O’Kane, chief executive of Aspen Insurance Holdings, said: “The establishment of a presence at Lloyd’s is a key strategic objective for Aspen. It provides a major enhancement to our multi-platform capability, as we continue to develop our business”.
In 2007, Aspen reported gross written premiums of $1.8bn, net income of $489m and total assets of $7.2bn.
