Having been around for centuries you’d think there aren’t too many firsts left for the Lloyd’s insurance market – however, ArgoGlobal believes it is now offering one.
The firm has announced the launch of what it has called the “first Lloyd’s market consortium for motor treaty business.” It is led by ArgoGlobal and supported by Barbican Insurance Group and allows carriers to write up to 10% of a motor placement.
To be led by international casualty treaty class underwriter Stuart Dale, the consortium will allow members to “underwrite significantly more premium.”
“By challenging the status quo and developing an innovative solution, we can better deploy our expertise, leverage our underwriting experience, and bring new capacity to the market for the benefit of both clients and brokers,” said Dale. “We are now ideally placed to operate alongside the leading players in London and across Europe.
“This is a scalable initiative we aim to potentially grow with new capacity. It will also allow us to realise further opportunities created by changes in the rating and regulatory environment.”
Tim Mackenzie, the underwriting manager for international casualty reinsurance at Barbican, also added his support.
“The motor market offers a good opportunity to diversify our portfolio and there is clearly scope for the consortium to carve a niche in this area and to challenge the traditional markets in Europe,” he said.
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