XL and SCOR partially fund new R&Q syndicate
XL and SCOR have agreed to back a new Lloyd’s syndicate formed by Randall & Quilter Investment Holdings. Syndicate 1991 was launched in August and will begin underwriting in the New Year.
The syndicate will have capacity of £77 million in 2013, 15 percent of which will be provided by Bermuda-based re/insurer XL and 15 percent by SCOR. Some 30 percent will come from Randall & Quilter Investment Holdings, with the rest raised form private members.
Syndicate 1991 will begin underwriting SME business, niche personal lines, property and associated liability business from January 1, 2013. The account will be underwritten by former Axis insurance underwriter Daniel Wright and his deputy, Steve Mitchell.
R&Q chairman and chief executive Ken Randall said: “This is an exciting development for the group and the establishment of an R&Q ‘first party’ syndicate cements our expansion into the management of live underwriting and provides the group with scale and depth in this area. We believe that the underwriting team is first rate and that their management information systems set a new standard for delegated authority business.”
XL, SCOR, Lloyd's, R&Q, reinsurance