Agile syndicate gets “in-principle” approval

Agile syndicate gets “in-principle” approval | Insurance Business New Zealand

Insurance News

Agile syndicate gets “in-principle” approval

The Asta-managed SIAB is targeting an April opening

Insurance News

By
Kenneth Araullo

Agile Underwriting Services (Agile) has been granted “in-principle” approval by Lloyd’s to establish Agile Syndicate 2427 (AUS 2427), contingent upon receiving regulatory endorsements.

Scheduled to initiate underwriting activities in April 2024, and pending final approvals, the syndicate will operate within Lloyd’s syndicate-in-a-box (SIAB) structure and will be managed by Asta, leveraging its third-party managing agency services at Lloyd’s.

The company projects a gross written premium of £34.1 million for the 2024 fiscal year, with expectations of an increase to £62.1 million by 2026. Agile aims to focus on sectors including liability, professional indemnity, accident and health, property, and travel insurance.

Through Syndicate 2427, Agile also intends to extend its reach into niche and small to medium-sized enterprise (SME) segments within the domestic Asia-Pacific (APAC) market.

Mark Hunt has been named the active underwriter for the new syndicate. Bringing with him four decades of underwriting experience, Hunt’s career includes foundational roles at Syndicate 386 and Syndicate 1156, as well as serving as the deputy active underwriter at Syndicate 2525.

His recent tenure includes senior underwriting management positions at Zurich Australia, covering a wide range of classes and market segments.

“Through syndicate 2427, we will facilitate access to geographies and market niches that the Lloyd’s market is currently unable to write affordably. Lloyd’s industry-leading position, excellent reputation and licenses, combined with Asta’s unrivalled experience and expertise as our managing agent, make them ideal partners for us to deliver future growth,” Agile CEO Robin Barham said.

Echoing this sentiment, Lorraine Harfitt, CEO of Asta, explained how APAC represents a significant opportunity for the Lloyd’s market.

“Innovative offerings like Agile Syndicate 2427, benefit the market greatly and their ability to underwrite at Lloyd’s as a SIAB is exactly what the SIAB model, in partnership with our third-party management capabilities, was designed to enable. We look forward to working with the team and assisting them in reaching their full growth potential,” Harfitt said.

Recently, Asta itself also gained a similar nod for its SIAB named MCI Syndicate 1966, which focuses on a new insurance product aimed at expediting the progress of new therapeutic drugs.

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