Asta has received approval ‘in principal’ from the Lloyd’s Franchise Board to launch and manage Agora Syndicate 3628 and is scheduled to start writing business from 1st January 2018.
The Lloyd’s of London third-party managing agent, along with Skuld, announced the establishment of Special Purpose Arrangement (SPA) 6126 in 2015. Following two years of operations the Lloyd’s Franchise Board has now given approval for the SPA to turn into a syndicate, “fulfilling [its] long-term ambition.”
The syndicate will continue to underwrite property business with a focus on international direct and facultative, binders and treaty business, which is to be privately placed by numerous “well-known industry players.”
The syndicate has planned gross premium of £98mn for 2018.
Active underwriter, Mike Pritchard, SPA 6126 Chairman and CEO since its establishment said: “Over the past two years we have grown from strength to strength and built a robust and diversified book of business with the hard work of all the team and the support of Skuld, all our capital partners, and managing agent Asta.”
Julian Tighe, CEO of Asta added; “Agora has developed an exceptional reputation in the market as an underwriter-driven and owned business. Mike and his team of experienced and skilled underwriters have developed a profitable and diversified book of business. We look forward to continuing to work alongside Mike and all his team as they take this next step in the evolution to become an independent syndicate.”