ACAL, owner of Syndicate 1965, receives new capital from Mitsui Group
Syndicate 1965 is expected to expand its property/casualty and marine reinsurance business after a major investment in its Singapore-based holding company, ACAL.
Mitsui Group, the diversified trading company, has bought a controlling stake in ACAL, which operates Syndicate 1965 via ACAL Underwriting Ltd, a corporate member at Lloyd’s. The syndicate is managed by Argenta.
The syndicate is expected to use its Mitsui’s business network to build a broader portfolio of business in Asia.
Mitsui has made other investments in reinsurance companies since 2001, mainly through Stone Point Capital. The investment makes Mitsui Group the first Japanese trading company to invest in a Lloyd’s syndicate.
Other backers of ACAL include Seletar Fund Investments, NTUC Income Insurance Cooperative and Labuan Reinsurance.
While Mitsui is the first trading company to invest in a Lloyd’s member’s holding company, it is not the first Japanese company to be involved in Lloyd’s.
In January 2007, the unrelated Mitsui Sumitomo Insurance established a managing agency at Lloyd's after a seven-year relationship with Chaucer.