Chaucer and ICAT set up Syndicate 4242...
Chaucer and ICAT have announced the establishment of Lloyd's Syndicate 4242 with an underwriting capacity of $148m for 2007.
The syndicate will underwrite insurance policies for small and medium sized companies in US catastrophe-exposed regions. ICAT Managers, a managing general agency, based in Boulder, Colorado, will write the majority of the syndicate's business through Lloyd's approved coverholder arrangements.
Greg Butler will be the active underwriter of ICM Syndicate 4242. Formerly a deputy insurance commissioner in the California Department of
Insurance, Butler was also the founding chief executive of the California Earthquake Authority.
Jack Graham, chief executive of ICAT, said: “This is an exciting event for ICAT. Since our formation as a managing general agency in 1998, our long-term objective has been to create a full risk bearing company.”
Bob Stuchbery, Chaucer's chief underwriting officer, added: “I am pleased that we are able to support the entry of a company of ICAT's innovative qualities to the Lloyd's market. ICM Syndicate 4242 has very good prospects and we are pleased to have the opportunity to support the Syndicate's underwriting.”
Read also...
Chaucer predicts "extremely promising" 2006
Quanta and Chaucer sign joint venture deal
