Asta, the leading third-party managing agent at Lloyd’s, announced it has received “in principle” approval from the Lloyd’s Franchise Board to establish and manage Agora Syndicate 3268.
In 2015, Asta and leading marine insurance provider Skuld announced the launch of Special Purpose Arrangement (SPA) 6126, specializing in the property direct & facultative, binder and treaty markets. After two successful years of business, the Lloyd’s Franchise Board has approved the transition of SPA 6126 into a syndicate, Asta said in a statement.
Asta expects the syndicate to commence underwriting on or after Jan. 1, 2018. Syndicate 3268 has planned gross premium of £98 million ($132.5 million) for 2018 and its active underwriter will be Mike Pritchard, who has served as chairman and CEO of SPA 6126 since its creation.
He has more than 30 years of industry experience and a successful track record in the syndicate’s specialist classes, Asta said.
Agora Syndicate 3268 will continue to underwrite property business with a focus on direct & facultative, binders and treaty business worldwide. It will be privately capitalized by a number of well-known industry players.
“Over the past two years, Agora has developed an exceptional reputation in the market as an underwriter-driven and owned business,” said Asta CEO Julian Tighe.
“Mike and his team of experienced and skilled underwriters have developed a profitable and diversified book of business. We look forward to continuing to work alongside Mike and all his team as they take this next step in the evolution to become an independent syndicate,” Tighe added.
Agora CEO Mike Pritchard commented: “I am very pleased to confirm that we will be fulfilling our long-term ambition of transitioning Agora from an SPA into a syndicate. Over the past two years we have grown from strength to strength and built a robust and diversified book of business with the hard work of all the team and the support of Skuld, all our capital partners, and managing agent Asta. I am pleased with the confidence that Lloyd’s has demonstrated in us and our business plan and look forward to the prospect of continuing the Agora story in 2018.”