CFC Underwriting has announced that Lloyd’s has provided “in principle” approval for the creation of CFC Syndicate 1988.
The new syndicate will be managed by Asta Managing Agency Ltd, who is currently working with the firm to secure final approvals to commence the underwriting business by 1 July 2021.
The syndicate will write a cross-section of the firm’s established portfolio of specialist, emerging and digital economy risks with a planned gross premium of over £100m for its first year of trading. Capital will also be provided by the group and third-party capital-providers.
The establishment of Syndicate 1988 represents a new step in the firm’s growth and adds to the group’s ambition to bring its low volatility, low limit and highly automated underwriting portfolio to a wider universe of potential capital providers.
Syndicate 1988 will also benefit from CFC’s global insurance platform which uses market-led technology and data science to ensure smarter, faster underwriting.
Dave Walsh, founder and CEO, CFC, said: “A CFC syndicate supports our ambitious, technology-driven roadmap by bringing new capital to the table and offering access to licensing and resources that only Lloyd’s can provide.
“We’re excited to broaden our partnership with Lloyd’s and look forward to supporting the Future at Lloyd’s vision.”