Specialist insurance provider, CFC has announced it has received ‘in principle' approval from Lloyd’s of London for the creation of CFC Syndicate 1988.
CFC will work alongside Asta Managing Agency to secure final approvals to commence underwriting business from 1 July 2021.
The new syndicate will underwrite a cross-section of CFC’s established portfolio of specialist, emerging and digital economy risks with planned gross premiums of more than £100 million for its first year of trading.
Capital will be provided by CFC and third-party capital-providers.
Dave Walsh, CFC founder and CEO commented: “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.”
John Neal, CEO of Lloyd’s said: “We are delighted to welcome CFC as a new entrant to the market and are confident their innovative new platform can make a positive contribution to our Future at Lloyd’s ambitions.”
Julian Tighe, Asta CEO, added: “We’re proud to partner with CFC to bring Syndicate 1988 to the market. Their ethos, strategy and focus on technology embodies the spirit of the Lloyd’s blueprint initiatives and is testament to our continued success in bringing innovation and modernisation to the market.”