Lloyd's Marine Syndicate, Watkins Syndicate 457, is to increase its capacity by 20% to £85.6 million from £71.4m for the 2000 account.
The syndicate says the increase has come about as part of Watkin's ongoing development. This includes the recent acquisition of Northern Marine Underwriting and the following development of the UK cargo account. It is also opening a new office in Singapore this year, following the recruitment of Stephen Cheng to head the Watkins Hong Kong office last year.
The syndicate says it also plans progression for the excess of loss account, headed by class underwriter Kevin White. And it has appointed Simon Parnell as underwriter to expand the cargo and specie accounts. He will work alongside group cargo underwriter Colin Ball and group specie underwriter Mike McCord.
Active underwriter Mark Watkins said: "The market is increasingly looking towards solid players to lead the way in developing the industry. I would anticipate a similar capacity increase next year."
