Illium Insurance Group is to establish a new specialist liability syndicate at Lloyd's.
The new syndicate, ILM 4040, will commence underwriting for the 2004 year of account.
Subject to Illium receiving authorisation from Lloyd's and the FSA, the syndicate will have a premium capacity of up to £100m.
It will write third party liability, employers' liability and ancillary insurance.
It is expected that business will come from the UK (80%), the Republic of Ireland (10%), and overseas (10%). The syndicate will not write North American domiciled exposures.
The active underwriter of the new syndicate will be Denis Burniston, formerly a director of Lloyd's syndicate 4040.
"Illium syndicate's core offering of third party and employers' liability is designed to provide much needed professional capacity in an area where demand continues to outstrip supply," Burniston said.
"The underwriting team has been assembled to provide brokers with a wide range of expertise and the addition of contractors' all risks to the liability coverages offered will create a product range currently unmatched in Lloyd's."
