Agora Syndicate 3268 has received approval from Lloyd’s to commence underwriting business from 1 January 2018, graduating to a full syndicate having originally been established as a special purpose arrangement (SPA) in 2016.

The syndicate will be managed by Asta and privately capitalised by a number of well-known industry players.

Agora Syndicate 3268 has planned gross premium of £98mn for 2018, with business underwritten by active underwriter Mike Pritchard. The syndicate will write property business, with a focus on direct & facultative, binder and treaty business on a worldwide basis.

Since 2016, Agora has operated as Special Purpose Arrangement (SPA) 6126 at Lloyd’s. The new full Syndicate 3268 received ‘in principal’ approval from the Lloyd’s Franchise Board in September 2017.

Pritchard commented: “Since launching in 2016, our long-term ambition has been to establish Agora as a market-facing syndicate. I am very pleased to confirm that we will commence underwriting business as Agora Syndicate 3268 in the new year. This is evidence of our success, market expertise and the hard work of the team. I look forward to continuing the Agora story with the team and the support of all our capital partners and managing agent Asta.”

Asta CEO Julian Tighe also said: “Over the past two years, Agora has undergone measured and sustainable progress. It has been a pleasure to see Mike and his team develop such a strong book of business from the ground up. We are very pleased that Agora has received approval to underwrite as a market-facing syndicate. We look forward to continuing to work with the Agora team and provide underwriting management, regulatory and business support, which will help ensure its success into 2018 and beyond.”

Asta is responsible for nine syndicates with capacity under management in 2017 of about £1bn.