Lloyd's insurer Illium has announced its agreement to expand its 2006 capacity through a co-insurance arrangement with Great Lakes UK, a subsidiary of Munich Re.
Illium revealed it was at the end stages of a consortium deal that would see Great Lakes UK co-insure up to 40% of Illium's 2006 business plan for its Syndicate 4040, a report said.
The group's plans to increase its current year £70m capacity to £90m for 2005 would mean Munich Re's share would equate to £36m.
Illium's operations director Colin Rogers said: “I can
confirm that we are in discussions with Great Lakes, and we hope to proceed subject to the completion of due diligence.”