Blenheim Underwriting, a wholly owned subsidiary of White Bear Capital announced it has been granted ‘approval in principle’ by the Lloyd’s board to launch a new managing agency.
Following the approval, Blenheim Underwriting can now submit an application to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for their regulatory approvals, enabling them to progress to the next stage.
Blenheim Underwriting specialises in property treaty, D&F property, specialty reinsurance, contingency and accident & health.
Blenheim Syndicate 5886 at Lloyd’s has been managed by Asta Managing Agency since its launch and started underwriting for the 2017 year of account.
The syndicate has a capacity of £250mn for 2020 provided by third party capital ranging from private individuals to insurance-linked securities (ILS) funds and trade capital.
Peter Scales, CEO of White Bear and Director of Blenheim, commented: “This is one of the principal stepping stones that we targeted in building a modern independent underwriting business based on our first class underwriting teams.
“It marks a further development in our ability to best serve clients and their brokers, as well as a wide variety of capital providers in the evolving Lloyd’s, wider insurance and capital markets.