Lloyd's members' agent buys out existing client
Hampden, the Lloyd’s members’ agent, added £300,000 to its underwriting capacity after buying out an existing client.
The company paid £150,000 to acquire a NameCo as the first step in its ongoing capacity-purchasing plan. NameCos are special companies that allow groups of individuals to access the Lloyd’s market without having to become a full Name.
Jeremy Evans, a director at Hampden Underwriting, said: “We are taking any opportunity that comes our way with a Lloyd’s flavour to it.”
Hampden said last year it expected to provide £1.6bn capacity to the Lloyd’s market in 2008. Start-up members’ agent Alpha Insurance Analysts poached clients worth £230m in capital from Hampden last year. But, Evans said this did not trigger the current capacity-buying plans.