Carbon Underwriting Limited has received in-principle approval from Lloyd’s to become a full Lloyd’s syndicate, effective Jan. 1, 2023.
Carbon Syndicate 4747 is the first syndicate-in-a-box (SIAB) to transition to a full Lloyd’s syndicate. It focuses on coverholder partnerships in the global property and casualty sector and began underwriting as a SIAB on July 1, 2020, with the support of third-party managing agent Asta.
According to Carbon, the success of the SIAB model has allowed it to develop a targeted, efficient and profitable model that focuses on data-driven underwriting, while providing access to the Lloyd’s franchise, international licensing and rating.
The transition to full syndicate will allow Carbon to continue to pursue global coverholder business supported by additional classes, and it expects to bring in a gross written premium of £135 million for 2023, subject to Lloyd’s agreement.
“We are thrilled to become the first Lloyd’s syndicate-in-a-box to transition to full syndicate status,” said Nick Tye, Carbon Underwriting CEO. “During the last two and a half years, we have attracted new A-rated capacity providers, and have expanded our highly talented team of underwriters, data analytic engineers, pricing analysts and claims managers. This next step is a milestone in our development and has been achieved with tremendous thanks to the Carbon team for their hard work – we look forward to a bright future of continued sustainable growth.”
“The Lloyd’s syndicate-in-a-box initiative has provided a faster, more capital-efficient entry to Lloyd’s for Carbon’s entrepreneurial team and served as a successful launch pad that has seen Carbon build out a leading coverholder panel across several territories including Europe, Australia and North America,” said Asta CEO Lorraine Harfitt. “Carbon’s success demonstrates the combined ability of Davies and Asta, not just to launch platforms, but to partner and guide insurers through their life cycle. We are delighted that Carbon have realised their ambitions, firstly in establishing their MGA through Davies, then launching their SIAB through Asta and now, reaching this further milestone in their progress to becoming a full syndicate. It is an impressive success for the Carbon team, and we look forward to continuing to work with them in the future.”
