David Shipley's new £150m syndicate – 2791 – has received Lloyd's regulatory approval to begin writing business from October 31.

Shipley, 2791's active underwriter and his deputy Richard Trubshaw, launched Managing Agency Partners earlier this month.

MAP is one of the few new ventures at Lloyd's to have significant traditional Names' backing, as opposed to corporate capital which dominates 77% of the 300 year old market's capacity.

MAP said it expected to write £141m worth of business in 2001 year of account.