New Lloyd's start-up venture Managing Agency Partners (Map) has admitted it is £15m short of its target of raising £150m of capacity for its syndicate 2,791 which began writing business last week.

Map's active underwriter, David Shipley, said that as of Tuesday it had raised £117m of its business plan target and expected capacity to soon reach £135m.

He said: “We are now taking the view that our capacity will probably be closer to £135m.

“We are comfortable with what we have achieved: £135m is still massive for a true start-up at Lloyd's.”

Shipley said that MAP was still in discussions with an additional two or three potential capital providers that could further increase syndicate 2791's capacity.

He revealed that members' agents representing Names have pledged £60m of the £117m capacity with the balance coming from corporate investors.

Shipley said it was still possible for Map to meet its target of securing £150m of capacity using Lloyd's qualifying quota scheme.

Syndicate 2791 started writing business on November 1, after receiving clearance from Lloyd's regulators on October 27.