CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, is pleased to announce that Lloyd’s has provided ‘in principle’ approval for the creation of CFC Syndicate 1988.
The new syndicate will be managed by Asta Managing Agency Ltd (Asta). CFC and Asta are working to secure final approvals to commence underwriting business incepting July 1, 2021.
The syndicate will write a cross-section of CFC’s established portfolio of specialist, emerging and digital economy risks with planned gross premium of over £100 million for its first year of trading. Capital will be provided by CFC and third-party capital-providers.
‘A CFC syndicate supports our ambitious, technology-driven roadmap by bringing new capital to the table and offering access to licensing and resources that only Lloyd’s can provide,’ said Dave Walsh, CFC founder and CEO. ‘We’re excited to broaden our partnership with Lloyd’s and look forward to supporting the Future at Lloyd’s vision.’
The establishment of Syndicate 1988 represents an exciting step in CFC’s growth. It furthers CFC’s ambition to bring its low volatility, low limit and highly automated underwriting portfolio to a wider universe of potential capital providers while enabling CFC to share in a greater proportion of its own underwriting profitability.
Emerging and digital economy risks, an area of high structural growth, are CFC’s core focus and Syndicate 1988 will bring these attractive, diversifying classes into the Lloyd’s market.
Syndicate 1988 will also benefit from CFC’s global insurance platform which uses market-leading technology and data science to ensure smarter, faster underwriting. CFC’s proposition also includes the CFC Response team and mobile app, offering insureds access to real-time incident response and business recovery services.
John Neal, CEO of Lloyd’s said, ‘We are delighted to welcome CFC as a new entrant to the market and are confident their innovative new platform can make a positive contribution to our Future at Lloyd’s ambitions.’
Julian Tighe, Asta CEO, said: ‘We’re proud to partner with CFC to bring Syndicate 1988 to the market. Their ethos, strategy and focus on technology embodies the spirit of the Lloyd’s blueprint initiatives and is testament to our continued success in bringing innovation and modernisation to the market.’