The green light has been granted to third-party managing agent Asta as it looks to launch its first syndicate-in-a-box.
The firm has received in-principle approval from Lloyd’s to start writing business effective July 01, 2020 with its syndicate 4747. It will have stamp capacity of £15 million in the first year, which could rise as high as £62.5 million by year three.
The syndicate has been launched by the team at Carbon Underwriting with the idea of driving transformation in the London MGA market. It is supported by the Graphene technology platform which provides added data to support underwriting decisions, and the syndicate will act as an incubator and springboard for MGAs to encourage profitable growth.
“We ae very pleased to unveil our first syndicate-in-a-box (SIAB) at Lloyd’s,” said CEO Julian Tighe. “This is testament to the significant role that we have played in developing the SIAB framework and our commitment to create a lower-cost and fast-tracked route into Lloyd’s for entrepreneurial underwriters. The launch of Carbon is proof that Asta’s cost-effective SIAB platform offers MGAs scalability through diversification, wider distribution, reduced reliance on third party capital and a greater share of underwriting profits.
“The agility and cost-efficiency of our SIAB framework, reinforces Asta’s position as an independent managing agent which offers a flexible range of solutions that not only facilitate entry to Lloyd’s, but adapt to the changing needs of businesses throughout their lifecycle.”
Nicholas Tye will take the role of active underwriter for the syndicate and will be supported by a Carbon Underwriting management team including CEO Stephen Card, chief underwriting officer Jacqui Ferrier and senior underwriting and chief technology officer Ben Laidlaw.
“The new syndicate will on-board current and prospective coverholders in the property and casualty space in the first instance,” said Tye. “Our intention is to broaden our portfolio of classes as they fit with our business model and market conditions. Our goal with syndicate 4747 is to encourage efficient and profitable growth for MGAs. We want to champion Lloyd’s as the globally preferred binder capacity market. Our MGA clients will benefit from our underwriting being solely dedicated to their business and not being written as part of a wider open market account. In a world where clients demand accurate service on a faster turnaround our in-house platform, Graphene, gives us a unique insight into our client’s business. This gives both us and the client a focus on data enabled decisions whilst driving accelerated profit growth for the syndicate and the MGA.”
