Syndicate-in-a-box (SIAB) Picnic Syndicate PIC 2460 has received in-principle approval from Lloyd’s to begin operations on January 01, 2021, subject to completion of the Lloyd’s application process.
Picnic will initially provide re/insurance support for community mutuals that its parent firm, Picnic Labs, forms and develops in Australia and New Zealand, according to a statement from Asta, Picnic’s managing agent at Lloyd’s.
Picnic will cover short-tail lines underwritten through pro-rata and excess of loss re/insurance, avoiding peak peril zones, the statement said. The firm forecasts a gross written premium of £19.2 million ($35.3 million) for the first year of operation from business which is new to Lloyd’s.
The syndicate will serve Picnic Lab’s Our Ark Mutual, whose members include Australian churches, schools, aged care facilities, and other not-for-profit organisations. According to Picnic, while these organisations have demonstrated better-than-average loss experience, they are not easily accommodated by the mainstream insurance market. As a collective, the members present a favourable underwriting group with characteristics which inherently align with risk-reduction objectives.
“We’re excited to be working with Asta, who were instrumental in getting us over the line at Lloyd’s,” said Picnic Labs chief executive Charles Pollack. “We believe the Picnic model for mutuals is the way of the future and that the strength and flexibility of the Lloyd’s platform, through the SIAB model, is key to making it into a reality for our member insureds the world over.”
