Andreas Loucaides, former active underwriter for Markel syndicate 702, is looking to make a comeback.

Market sources have revealed Loucaides has been in discussions with managing agencies to either set up a new syndicate, or join an existing team.

Last August, the London Market was shocked when Loucaides suddenly resigned from Markel International. The following week Markel announced a complete restructuring of its business, merging its underwriting operations at Lloyd's into one composite syndicate.

Industry figures have said Loucaides is now looking to start-up a new professional indemnity (PI) syndicate. He is reported to have been in contact with Zenith Syndicate Management three months ago, but no agreement was reached.

Zenith managing director Mitch Dowlen, who helped set up the managing agency and syndicate 2002 said: "We get calls occasionally to set up new syndicates. We like to have an open door policy and like to talk."

Dowlen said he had not spoken to Loucaides "recently".

"He is thinking of doing some other things," he said. "But he will not be doing them with us."

Loucaides was unavailable for comment.