Allied World Assurance Co. Holdings announced Monday that it has received approval from Lloyd’s, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to establish its own Lloyd’s managing agent, Allied World Managing Agency Ltd., effective April 1, 2014, to manage Allied World’s Syndicate 2232.
Syndicate 2232, which commenced operations at Lloyd’s in June 2010 and was previously managed by Capita Managing Agency Ltd., underwrites a diverse range of insurance and reinsurance product lines, including international property, general casualty, professional lines and international treaty. Syndicate 2232 targets key territories in the Latin America and Asia Pacific regions as well as emerging markets in the Middle East and Africa.
“We are delighted that Lloyd’s, the PRA and FCA have recognized our commitment to the market and the hard work we have put in to get to this stage,” said Darren Powell, active underwriter for Syndicate 2232. “Launching our own managing agency at Lloyd’s has been a primary objective for our team. We are also appreciative of the efforts of the team at Capita who helped get Syndicate 2232 up and running and who have helped to make this transition as seamless as possible.”
Source: Allied World Assurance Co. Holdings