Allied World has received approval from Lloyd’s to establish its own managing agent to oversee syndicate 2232, parting ways with Capita Managing Agency.
The take-over is effective from April 1 and forms part of Allied World’s strategy to develop a significant presence at Lloyd’s.
Allied World has already received approval from the Prudential Regulation Authority and the Financial Conduct Authority for the move.
The syndicate’s focus is on emerging markets in Latin America, the Asia Pacific, the Middle East and Africa and has grown considerably since it started writing business in 2010.
Commenting on the development,Darren Powell, active underwriter for Syndicate 2232, said, “We are delighted that Lloyd’s, the PRA and FCA have recognized our commitment to the market and the hard work we have put in to get to this stage."
"Launching our own managing agency at Lloyd’s has been a primary objective for our team. We are also appreciative of the efforts of the team at Capita who helped get Syndicate 2232 up and running and who have helped to make this transition as seamless as possible.”
Julian James, president for Allied World Europe, added, “The establishment of Allied World Managing Agency Limited at Lloyd’s is another significant step for our European platform."
"We continue growing,expanding our presence in the primary market and providing our trading partners and clients with innovative products and services to meet their evolving challenges. We will continue to work with Lloyd’s as a key partner to expand our product offerings in the European market and enter new territories across the globe.”
Allied World, Lloyd's, managing agent, Capita