Awbury syndicate gets in principle approval

Lloyd’s has granted “in principle” approval for Awbury Syndicate 2025 to commence underwriting from January 1, 2025.

Awbury Syndicate is a subsidiary of the Awbury Group, which also has a multi-line Bermuda re/insurer – Awbury Insurance. 

Awbury and syndicate manager Polo Managing Agency said Awbury Syndicate 2025 is focused on credit risks and will initially target new and existing European clients, comprised primarily of global banks and asset managers. 

They said it will complement the activities of the Awbury Group, which focuses on unique and non-traditional financial risks and offers insurance and reinsurance protection from Awbury Insurance Bermuda and Awbury Insurance Company, a Delaware-domiciled multi-line insurer.

The syndicate will be managed by Polo Managing Agency Limited, the independent Lloyd’s Managing Agent and a PoloWorks company.

Awbury and Polo worked with a specialist team from PricewaterhouseCoopers (PwC) on the application.

Alex Dubitsky, chief executive officer of the Awbury Group, said: “We believe that our expertise and specialist knowledge in credit and financial risks, as well as our positive and decades-long relationship with Lloyd’s through our various insurance businesses, makes for a uniquely attractive opportunity to work at Lloyd’s and utilise its innovative and universally respected and unique underwriting platform for the benefit of our clients and partners.  I’m looking forward to working with Polo and PwC, as well as the entire team at Lloyd’s, to build our place in the Lloyd’s market.”

Paul Andrews, CEO of PoloWorks and Polo Managing Agency, said: “Awbury is a sophisticated financial products group and will bring innovation and accretive business to Lloyd’s.  Polo will provide a full service offering, including Managing Agency and administration support.  

“Combined with support from our PoloPartners joint venture with PwC, this demonstrates Polo’s ability to provide a full service for unique syndicates wanting to grow or start out at Lloyd’s.  We are delighted that Awbury has recognized the uniqueness of Polo’s proposition and has chosen to partner with us in this exciting venture.”

Andy Moore, PwC UK London Market leader, said: “Awbury’s entrance into the Lloyd’s market brings a highly-experienced management team with specialist knowledge in financial risks to the market and demonstrates the attractiveness of the Lloyd’s platform and its unique position in the global specialty insurance landscape. 

“We have been pleased to support Awbury throughout this process and look forward to working with Awbury and Polo through our PoloPartners joint venture as they build a successful Lloyd’s business.”

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