Mitsui Sumitomo Insurance launches its own dedicated Lloyd's managing agent ending its seven-year relationship with Chaucer.
Mitsui Sumitomo Insurance has announced the launch of its own dedicated Lloyd's managing agent. The move spells the end of MSI's seven-year relationship with Chaucer.
This is the first Lloyd's syndicate ‘Turnkey operation' to have sought and achieved independence. It also sees MSI become the first Japanese insurer to establish a managing agency at Lloyd's.
Ex-Royal & Sun Alliance director Peter Foreman is non-executive chairman of both the MSI managing agency and London Holding Company. Derek Kingston, formerly a director of Bovis Lend Lease and Max Taylor, a former chairman of Lloyd's, are both non-executive directors of MSI.
Chief executive Allan Guest said: “We are grateful to Chaucer and Lloyd's for the advice and support they have provided to MSI in helping us to achieve our ultimate aim of our own Managing Agency. We look forward to playing an active and increasing role at Lloyd's, which is an important component of MSI's overseas operations”.
Ewen Gilmour, chief executive of Chaucer added, “We have enjoyed a very constructive and fruitful relationship with Mitsui Sumitomo over the past seven years. It is now wholly appropriate that they have established their own managing agency – and we wish them every success in the future.”