New syndicate-in-a-box to focus on niche and SME business written in domestic APAC markets, particularly liability, professional indemnity, accident and health, property and travel.
Managing general agent (MGA) Agile Underwriting Services has won ‘in-principle’ approval to establish Lloyd’s Syndicate 2427, subject to regulatory approvals.
Syndicate 2427 will be established under the ‘syndicate-in-a-box’ (SIAB) framework and be managed by Asta through its leading third-party managing agency platform at Lloyd’s.
Agile anticipates writing £34.1m of gross written premium for the 2024 year of account, rising to £62.1m for the 2026 year of account, with key growth areas being liability, professional indemnity, accident and health, property and travel.
Syndicate 2427 is targeting commencement of underwriting from April 2024, subject to approval.
Through the syndicate, Agile plans to leverage its market position as a successful MGA to access niche and SME business written in the domestic Asia Pacific market, bringing this business to Lloyd’s.
Mark Hunt will be appointed active underwriter. Hunt has a 40-year underwriting pedigree, having commenced his career at Syndicate 386, before moving to help establish Syndicate 1156. He was also deputy active underwriter of Syndicate 2525. More recently, he held senior underwriting management roles at Zurich Australia across all classes and segments.
Agile plans to position the syndicate alongside its existing binders, maintaining its existing successful relationships with strong market leaders while bringing local expertise and tech distribution.
Formed in 2015 as an Australian coverholder and insurtech, Agile operates under an innovative structure underpinned by technology and automation. Agile distributes its Powered By Agile platform free to brokers, enabling them to build digital strategies and brands to grow their business online.
By eliminating process friction, Agile offers access to micro premiums, which it says improve efficiency for schemes, associations, and personal / SME policies. Agile syndicate 2427’s technological infrastructure enables it to adjust premium volumes, thereby taking advantage of market hardening in a way that limits strain on its expense base.
“Through syndicate 2427, we will facilitate access to geographies and market niches that the Lloyd’s market is currently unable to write affordably,” said Robin Barham, CEO of Agile.
“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,” Barham added.
“APAC represents a significant opportunity for the Lloyd’s market,” said Lorraine Harfitt, CEO of Asta.
“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,” she added.
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