Lloyd's insurer Liberty Syndicates has sold its motor subsidiary to a new group of capital providers led by former Lloyd 's vice chairman Ian Agnew.
The new group, called Jubilee, consists of 14 pr ...
Lloyd's insurer Liberty Syndicates has sold its motor subsidiary to a new group of capital providers led by former Lloyd 's vice chairman Ian Agnew.
The new group, called Jubilee, consists of 14 private investors that have clubbed together to raise £20m of capital. The group's directors are Ian Agnew and Rupert Lowe. Jonathan Marland,for- mer chief executive of JLT, is also on the team.
Agnew was deputy chairman of Lloyd's from 1997 -1999 and is a former chairman of Wellington Underwriting.
Jubilee plans to increase the motor syndicate's capacity from £50m to £55m for the rest of this year.
The new entity will employ all the existing Liberty Motor staff and will retain the syndicate number 1231.
The syndicate will be changing its name from Liberty Motor as of 2003.
Liberty managing director Sean Dalton explained that selling the syndicate represented a strategic shift in Liberty 's underwriting portfolio because the company has decided to concentrate its capital on underwriting property, casualty, reinsurance and marine business.
He added: "We are pleased to have concluded this deal and are delighted that Jubilee have been approved and we wish them all well."
Jubilee director Ian Agnew said: "I am delighted to have received consent for this venture which allows the business to develop its true potential.
"It is an exciting opportunity for the management team."
Lloyd's approval for the sale was received this week and the deal took effect on 1 September.
