Lloyd's managing agent Ascot Underwriting has received Lloyd's approval to increase its 2002 underwriting capacity for Syndicate 1414 by up to £78.5m - an increase of 66%.
Ascot commenced business on 1 November 2001 with a £20m underwriting capacity for 2001 and £117.5m for 2002. The consent received allows capacity for 2002 to be raised to £196m.
Martin Reith, Managing Director of Ascot said the increase forms part of Ascot's growth strategy.
He commented: "We planned from the outset to raise our capacity at least once during 2002 so long as market conditions were favourable.
"We have a well-regarded team of underwriters backed by an extremely strong and knowledgeable capital provider. As a result, Ascot enjoys considerable support in Lloyd's, for which we are very appreciative."
He added that further growth this year could not be ruled out "so long as the flow of high quality business continues".
The syndicate is backed by American International Group, Inc (AIG).
