Argo Group’s London-based subsidiary and Lloyd’s insurer ArgoGlobal has created what it claims is the first Lloyd’s Market consortium for motor treaty business.
The consortium, led by ArgoGlobal and supported by Barbican Insurance Group, was established in time for 1 January and will allow the carriers to write up to 10 percent of a motor placement.
The consortium will be led by international casualty treaty class underwriter Stuart Dale and according to the company will bring new capacity to the market, enable its members to underwrite significantly more premium and consolidate Lloyd’s markets with an interest in writing this class in London.
“By challenging the status quo and developing an innovative solution, we can better deploy our expertise, leverage our underwriting experience, and bring new capacity to the market for the benefit of both clients and brokers,” said Dale. “We are now ideally placed to operate alongside the leading players in London and across Europe.
“This is a scalable initiative we aim to potentially grow with new capacity. It will also allow us to realise further opportunities created by changes in the rating and regulatory environment. We have been particularly pleased with the response from our broking partners to our new consortium with Barbican and are grateful for the market’s support. There are presently clear opportunities in this sector.”
“We are very pleased to support Stuart and ArgoGlobal in this new initiative,” said Tim Mackenzie, underwriting manager for International Casualty Reinsurance at Barbican. “The motor market offers a good opportunity to diversify our portfolio and there is clearly scope for the consortium to carve a niche in this area and to challenge the traditional markets in Europe.”