Asta has revealed it has received the greenlight to launch its first syndicate-in-a-box.
The company has received in-principle approval from Lloyd’s to start writing business effective 1 July 2020, with a stamp capacity of £15m in year one, estimated to rise to £62m in year three.
The syndicate has been launched by Carbon Underwriting with the idea of driving transformation in the London MGA market.
It said the syndicate acts as an incubator, enhancer and springboard for MGAs to encourage accretive and profitable growth and does so at a market leading expense base. Permission for syndicate 4747 to underwrite will follow successful completion of Lloyd’s “making it happen” review work.
Julian Tighe, chief executive officer of Asta, said: “We are very pleased to unveil our first syndicate-in-a-box (SIAB) at Lloyd’s. This is testament to the significant role that we have played in developing the SIAB framework and our commitment to create a lower-cost and fast-tracked route into Lloyd’s for entrepreneurial underwriters.
“The launch of Carbon is proof that Asta’s cost-effective SIAB platform offers MGAs scalability through diversification, wider distribution, reduced reliance on third party capital and a greater share of underwriting profits.”
He added: “The agility and cost-efficiency of our SIAB framework, reinforces Asta’s position as an independent managing agent which offers a flexible range of solutions that not only facilitate entry to Lloyd’s, but adapt to the changing needs of businesses throughout their lifecycle.”