AmTrust at Lloyd’s has applied to Lloyd’s for approval to combine its three fully aligned non-life Lloyd’s syndicates under management.
The carrier said that it has submitted a Syndicate Business Forecast (SBF) to Lloyd's for business written by syndicates 1206, 5820 and 1861 to be consolidated into a single Syndicate 1861 for the 2018 year of account.
Subject to Lloyd’s approval, the enlarged Syndicate 1861 would have underwriting capacity of over £500mn, with Christopher Jarvis continuing as active underwriter. Meanwhile Bruce Whitmee, currently active underwriter of Syndicate 5820, will become head of consumer products and will report to Jarvis.
AmTrust gained ownership of Syndicate 1206 and 5820 through its acquisition of Sagicor and ANV respectively.
AmTrust at Lloyd’s CUO Mike Sibthorpe said that the merger of the syndicates will in part enable operational and service improvements.
“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”, remarked Sibthorpe.
“Streamlining our operating model allows us to focus our efforts on identifying opportunities to optimise our portfolio; building on our underwriting strengths,” he concluded.
AmTrust at Lloyd's CEO Peter Dewey added: "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."