Two new syndicates with a combined capacity of £170m are gearing up to start underwriting in the 2001 year of account.
The first, headed by ex-Amlin underwriter David Shipley will have a £100m capacity to write a composite book of business. Insurance Times understands that Shipley is awaiting approval from Lloyd's to begin underwriting next year.
It is not known who are the syndicate's main backers, but Managing Agency Partners is introducing Shipley's syndicate to the market.
The second of the two operations, syndicate 2010, is awaiting approval to write a non-marine and aviation account, also for next year. This will be part of newly-formed managing agency, Cathedral Underwriting which is owned by Cathedral.
Headed up by former Bankside and Limit boss Elvin Patrick, syndicate 2010 has also recruited the services of John Hamblin, Mark Wilson and Richard Williams – all of whom were at Limit 556.
Backing for the syndicate will come from its managing agent (£20m), strategic investors (£20m) with the rest coming from Lloyd's Names.