AEGIS London, a Lloyd’s syndicate, has announced the establishment of a new portfolio solutions division aimed at leveraging third-party underwriting expertise in the London market.
The new division, which will include broker facilities, MGAs, reinsurance and Lloyd’s consortia, will be led by Richard Palengat (pictured). He will be supported by a team of underwriters comprising Henry Watts and Barry Plummer, along with assistant underwriter Bradley Lawrence.
Palengat described the initiative as a broad-reaching mandate encompassing property, casualty, specialty, and multi-line business.
“We are aiming to establish enduring partnerships with parties that demonstrate a record of consistent outperformance against their peers across the market cycle, based on a data-driven and analytics-focused underwriting approach,” he said.
Alex Powell, chief executive of AEGIS London, said the division is in-line with the company’s long-term strategic goals.
“With the launch of Portfolio Solutions, we’re embracing the future and ensuring we are best positioned to capitalise on the market as we see it evolving over the next decade,” Powell commented. “Underwriting excellence is, and always will be, the core of our identity. That’s why we are adapting to new ways of trading while continuing to underwrite complex business from Lloyd’s.”
Starting this month, AEGIS London said it will transform its underwriting structure to become increasingly accessible and traded. The portfolio solutions division will operate alongside the specialist underwriting division.
Additionally, AEGIS London’s digital trading team, which includes the OPAL quote-and-bind platform, will expand and function as a standalone division with enhanced digital follow capabilities.
In a statement, Matt Yeldham, chief underwriting officer of AEGIS London, emphasised the importance of underwriting expertise in maintaining the company’s profitability and adaptability.
“Underwriting expertise is at the heart of our consistent profitability, so with our recent changes, we are enshrining those capabilities in a wider range of trading options,” Yeldham said. “We are ready to respond to business through a broader range of routes and engage with brokers in a clear and more agile manner.”
The changes align with ongoing adjustments at AEGIS London, which include bolstering data capabilities and updating internal systems to meet modern trading needs.