TSM's new syndicate has £53m capacity
Lloyd’s managing agency Argenta Syndicate Management is to manage the Lloyd’s operations of TSM Agencies.
TSM is a specialist engineering underwriting agency whose majority shareholder and primary provider of capital is the Electrical Contractors Association (ECA).
Syndicate 1110 commenced trading with effect from 1st January 2010, with £53m of capacity and will build an international building services and engineering book of business.
TSM’s founder and managing director, Neil Fitzgerald, has been an engineering underwriter in the Lloyd’s market for over 20 years and is the new syndicate’s active underwriter. The Syndicate provides three core specialist products including insurance for large scale international engineering and building projects, Annual Contractors’ Package and certain property covers.
Andrew Annandale, managing director of ASML and chief executibe of its parent, Argenta Holdings, said: “We are delighted to have been appointed to manage this new syndicate at Lloyd’s, which increases our 2010 premium capacity by over 25%. It is exciting that Lloyd’s has attracted a new type of capital provider, in the form of one of the largest UK trade associations, and a quality line of engineering business providing diversification to the overall market.”
Neil Fitzgerald, managing director of TSM, added: “We are delighted to be partnering with ECA, who will provide a stable and long term source of syndicate funding as well as cross selling access to its membership via its in-house intermediary, Electrical Contractors Insurance Services Ltd (ECIS).”
Roger Brown, managing director of ECA’s insurance operations, said: “Our investment in TSM has significant importance to the engineering and building services industries. The ECA Group will now be able to offer Lloyd’s products via its insurance services company ECIS, thereby ensuring we offer the engineering and building services industries the broadest possible affinity group solution. The importance of ECA’s achieved investment into Lloyd’s should not be underestimated; it signifies the bringing together of two centres of excellence in their own specialist fields.”