Asta, the third-party managing agency at Lloyd’s and part of the Davies Group, has taken over the management of GIC Re’s Syndicate 1947 following approval from Lloyd’s.
The novation of the managing agency agreement, effective from July 1, transfers responsibility for both open and prior years of account to Asta. The agency will provide a full suite of oversight and operational support services, including regulatory compliance, reporting, risk management and day-to-day syndicate operations.
Established in 2018, Syndicate 1947 underwrites a diversified portfolio comprising property direct and facultative, property treaty, marine and specialty treaty and non-marine specialty and consortia risks. It was set up with the intention of building a sustainable platform at Lloyd’s for GIC Re, India’s national reinsurer, and to expand the group’s global underwriting footprint. The syndicate is fully backed by capital provided by GIC Re through its Lloyd’s corporate member.
The transition follows a period in which GIC Re operated its own managing agency arrangement for the syndicate. By partnering with Asta, GIC Re aims to streamline management functions while continuing to operate through a fully aligned capital model at Lloyd’s.
Ramaswamy Narayanan, chairman and managing director of GIC Re, said the company is entering into a new partnership with Asta, which it views as suitably positioned to support the group’s strategic goals.
Lorraine Harfitt, CEO of Asta, said the arrangement marks the beginning of a new phase of collaboration with GIC Re. She said Asta’s third-party platform is focused on enabling clients to deliver their business strategies and that the novation reflects the firm’s continued role in supporting syndicates at Lloyd’s.
Harfitt added that Asta will work with GIC Re through the remainder of 2025 and into future underwriting years.
