Greenlight Re Innovations (GRI), part of Cayman Islands-headquartered Greenlight Capital Re Ltd., has received “in-principle” approval from Lloyd’s to establish an InsurTech-focused syndicate.

Syndicate 3456, which will commence operations in the second quarter of 2022, will be established under Lloyd’s innovative “syndicate-in-a-box” (SIAB) model. It will be managed by Asta, the leading third-party managing agent at Lloyd’s.

Greenlight Re Innovations has built a market-leading reputation in early stage InsurTech and has made 20 investments to date. Syndicate 3456 will enable Greenlight Re to provide capacity to its growing portfolio of InsurTechs.

The company will appoint Andy Gladwin as active underwriter for Syndicate 3456. Gladwin, who has over 30 years of experience in the London market, joined Greenlight Re in November 2020 as managing director of Greenlight Re Marketing (UK) Ltd.

“Greenlight Re has been a supporter of Lloyd’s for several years through the provision of Funds at Lloyd’s capacity. Syndicate 3456 will strengthen our Lloyd’s relationship and London market presence. We are delighted to work with Asta on this exciting initiative,” commented Gladwin.

Simon Burton, chief executive officer at Greenlight Re, said, “GRI’s support of insurance innovators is a key element of Greenlight Re’s strategy. By combining Greenlight Re’s knowledge of and access to early stage InsurTechs with Lloyd’s reputation, licensing and rating, we aim to create a market-leading InsurTech syndicate which can generate strong underwriting returns.”

“We are pleased to unveil our latest SIAB, which further reinforces our ability to provide a flexible and swift route to market for aspiring new entrants to Lloyd’s,” said Julian Tighe, CEO at Asta.

“GRI syndicate 3456 embodies innovation with its exclusive InsurTech focus, and we are delighted to work with the Greenlight Re team. We look forward to seeing the positive impact its business may have in Lloyd’s.”

About Greenlight Capital Re Ltd.

Greenlight Re provides multiline property/casualty reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland. Greenlight Re complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. Launched in 2018, the Greenlight Re Innovations unit supports technology innovators in the re/insurance space by providing investment, risk capacity and access to a broad insurance network.

About Asta

Asta Managing Agency Ltd. is the leading third-party managing agent at Lloyd’s and is responsible for 12 syndicates, one SPA and two syndicates-in-a-box with capacity under management in 2022 of more than £1.4 billion.

Source: Greenlight Re Innovations