There could be big changes ahead for multi-national insurer AmTrust, in relation to its Lloyd’s syndicates.
The company this morning announced that it has applied for approval to combine its three fully aligned non-life Lloyd’s syndicates – 1206, 5829 and 1861. The plan is to place them all under a single Syndicate 1861 for the 2018 year of account.
Celebrate excellence in insurance. Join us at the Insurance Business Awards in Chicago on October 26.
Should approval be granted, the consolidated syndicate would have an underwriting capacity of more than £500 million (approximately $660 million). Christopher Jarvis would be its active underwriter with Bruce Whitmee to become head of consumer products.
According to Mike Sibthorpe, CUO of AmTrust at Lloyd’s, the combined syndicate platform will boost operations and assist with service improvements to brokers and clients.
“AmTrust at Lloyd’s is one of a small number of Lloyd’s agencies able to underwrite in all of the key Lloyd’s classes, through Syndicate 1861 for general insurance and Syndicate 44 for life assurance,” he said.
“Streamlining our operating model allows us to focus our efforts on identifying opportunities to optimise our portfolio; building on our underwriting strengths.”
“AmTrust’s Lloyd’s business has grown significantly over the last five years,” added Peter Dewey, CEO of AmTrust at Lloyd’s. “Our proposed new syndicate structure is a major step towards our commitment to building a best in class Lloyd’s platform, simplifying the operation of the business and generating profitable growth and attractive returns for our business and AmTrust shareholders.
“By consolidating our underwriting activities within one non-life and one life syndicate, we are making the most efficient use of capital and resources, strengthening our offering and ensuring that we provide our clients and brokers with the best possible service.”
