Jubilee Managing Agency Ltd (JMAL) has gained FSA authorisation to act as a Lloyd's managing agency, it announced.
It said the FSA had also given permission for Guardian Holdings to acquire a 40% stake in JMAL's ultimate parent company.
JMAL now manages Motor Syndicate 1231 and its sub-Syndicate 1952, which trade as Jubilee Motor Policies and JJS Fleet Underwriting respectively. It said Syndicate 1231 would have a capacity of £55.29m for the 2004 year of account.
It said the syndicate's existing management team have all joined the company as executive directors. George Johnstone, the active underwriter for Syndicate 1231, has been appointed chief executive of JMAL.
JMAL chairman, Ian Agnew, said: "We are grateful to Liberty Syndicate Management for its help during the regulatory application process. We are pleased to have obtained the approval of both Lloyd's and FSA.
"This approval now enables the Jubilee Group to manage its own affairs and to move forward in the development of its motor underwriting business."
