Bank of America to boost Lloyd's with new syndicate

BA International Underwriters, a wholly-owned subsidiary of Bank of America Insurance group, has established the Pembrace Casualty Insurance Syndicate in conjunction with Lloyd's of London.

Pembrace will be capitalised by Bank of America Insurance group with an initial stamp capacity of £33m.

Managed through Spectrum Syndicate Management, Pembrace is authorised to write specialty liability and other US-based casualty insurance and reinsurance business to complement Bank of America Insurance group's existing US-based insurance operations.

"The launch of Pembrace pairs the financial strength of Bank of America with the marketplace presence of Lloyd's of London to expand and enhance our global insurance strategy," said Keith Pellerin, president of Bank of America Insurance group.

"We have a long history of expertise in underwriting and insurance operations in the United States. Pembrace will provide a highly scalable platform to enable future expansion in the insurance markets."

"The fact that such a leading financial institution has chosen to set up a syndicate at Lloyd's is further testament to the strength and attractiveness of the market. We look forward to working with Bank of America," said Rolf Tolle, Lloyd's franchise performance director.