Lloyd’s of London has granted permission to Blenheim Syndicate 5886 to underwrite for the 2017 year of account.
Established and managed by Asta Managing Agency, the new Lloyd’s syndicate has a planned capacity of £150 million for 2017, underwriting US and international treaty books, direct insurance and some speciality lines. The portfolio of lines is expected to be built out over time.
“We are very grateful to Asta for the expertise and resources that they have committed to this project that has enabled us to get Blenheim up and running,” said Blenheim managing director John Lynch.
“With new appointments to be announced over the coming weeks we can now focus on the task of building a quality business,” he added.
The initial senior management team includes Lynch and Peter Scales, who recently served as CFO and CEO of Cathedral.
Nick Destro was previously hired as active underwriter while Geraldine McMillan and Michael O’Sullivan were also appointed to underwrite the treaty account from January 1.
Last month, Asta said Blenheim will operate independently, with the team owning majority of the business.
“Our expertise and depth of market knowledge will offer Blenheim all the underwriting management, regulatory and business support it needs as it develops and grows,” Asta chief executive Julian Tighe said in a previous statement.
“Asta is impressed with the focus and quality of Blenheim’s business plan. We are confident, not only of the syndicate’s success but that it will also make a significant contribution to the Lloyd’s market,” he added.
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