Illium Managing Agency and Syndicate 4040 have received approval from the Lloyd's Franchise board to commence underwriting from 1 January 2004. The approval is subject to authorisation by the FSA.
Illium also announced that HCC Insurance Holdings, the US insurance group based in Houston, Texas, has agreed to provide £25m of underwriting capacity to Syndicate 4040 for 2004.
HCC said it would also purchase a 20% stake in Illium, subject to regulatory approvals.
The classes to be written buy Illium Syndicate 4040 are employers' liability, third party liability, and contractors' all risks insurance.
