Non-Lloyd's brokers can now access Liberty Syndicate capacity through a new service company.
Liberty Syndicate Services Limited (LSSL), a wholly-owned subsidiary of Liberty Sysndicates, has been gr …
Non-Lloyd's brokers can now access Liberty Syndicate capacity through a new service company.
Liberty Syndicate Services Ltd (LSSL), a wholly-owned subsidiary of Liberty Syndicates, has been granted cover holder status by Lloyd's enabling the subsidiary to accept business from non-Lloyd's brokers direct to Lloyd's.
Liberty via LSSL will target the reinsurance markets. It is anticipated that this will come from both worldwide as well as European reinsureds.
LSSL will be used to access and service business from both Liberty's European offices, in Cologne and Paris and for both Liberty's managed syndicates, 190 and 282.
Sean Dalton, managing director at Liberty Syndicates, said: “This is a key initiative for us at Liberty enabling access to business traded in Europe that traditionally we would not have had the opportunity to quote for. It is also good news for Lloyd's as it helps expand its access to non-Lloyd's brokers from Europe and elsewhere. We are currently planning for LSSL to accept up to £160m of gross premiums this year.”
The development follows Liberty Syndicates' announcement in December 2003 of a 31% increase in capacity for its syndicates 190 and 282 to £794m for 2004, making the managing agency one of the largest in the Lloyd's market. The capacity increase follows hard on the heels of last September's 40% mid year leap from £430m to £605m. The agency also announced the appointment of Mark Butterworth as chief operating officer, a newly created board position.
