Advent Capital is to merge with BF Caudle Agencies and become an integrated Lloyd's vehicle.
BF Caudle has managed the underwriting business of non-marine Syndicate 780 in Lloyd's since 1975. The syndicate has performed well in recent years, and is forecasting profits for the next two reporting years. It expects the 1997 Account to produce a profit of between 20-25% of underwriting capacity; and the 1998 Account a profit of 4-9%.
Advent Capital has been operating since 1995, and through Advent Capital PLC was one of the first dedicated corporate investors in the Lloyd's market.
The enlarged group will go into next year with an overall underwriting capacity through Syndicate 780 of £85 million, of which Advent Capital will be providing £35 million of capacity.