Newly-formed global reinsurance company, Danish Re, began underwriting this week and wrote its first risk through its Lloyd's syndicate.
Syndicate 1400, the largest new syndicate so far established, is expected to have a premium income up to £100 million for the 2000 year of account.
Its objective is to have a premium income of $500m (UK£303m) by 2005. "We, at Danish Re, look forward to bringing new business into the Lloyd's market, helping consolidate its position in the global marketplace," said active underwriter Matthew Petzold.
Syndicate 1400 will write marine and non-marine treaty, casualty, facultative and financial institutions business whilst further teams of facultative and treaty underwriters will be based at the company's headquarters in Denmark and Australia.
Alternative risk transfers and accident and health business specialists will also be based in Denmark.
Danish Re Underwriting Agencies ApS manages the Groups' overseas offices including Australia and Japan, with offices soon to be established in the Far East and Latin America.
The company is financially backed by Trident II, a private equity investment fund managed by March & McLennan Capital.
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