The Lloyd’s platform of Hamilton Insurance Group has received market approval to nearly double its gross written premium for Syndicate 3334 in 2017.
The insurance firm said Lloyd’s has given Hamilton Underwriting the green light to increase the GWP for the syndicate from £69.5 million in 2016 to £122.5 million next year.
Lloyd’s has also approved the syndicate to write two new lines of business in 2017: marine liability and war and terror.
“We are delighted that Lloyd's has approved this substantial increase in our capacity for 2017 and has given us the go-ahead to write marine liability and war and terror business,” said Hamilton Underwriting CEO Dermot O’Donohoe.
“Some of our books of business were relatively small and thus subject to volatility if there were major losses, so this increase in capacity allows us to iron out a degree of volatility in the portfolio,” he added.
Since its acquisition of Syndicate 3334 in 2015, Hamilton has recruited teams of underwriters and “significantly scaled up” the business, according to O’Donohoe.
In October, Hamilton announced the appointment of Mark Appleton of The Navigators Group as head of marine liability. The managing agency is currently seeking a Head of War and Terror.
“The current soft market is difficult and there are many challenges,” O’Donohoe said. “But with our combination of careful risk selection and utilisation of data and analytics to improve our underwriting, we look forward to maximising profitable business opportunities in 2017.”
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