The St Paul at Lloyd's is reorganising its underwriting and operational services and consolidating its existing 11 syndicates and sub-syndicates into a single structure with seven business units.
Completion of the reorganisation will depend on the company acquiring 100% capacity in all its syndicates through the Lloyd's auction process.
Once fully corporate, each syndicate is expected to merge into St Paul's existing corporate syndicate 1211. Currently, capacity for syndicates 183, 227, 340, 582 and 779 is provided by a mixture of corporate capital and Lloyd's Names.
The seven business units are in two divisions – wholesale and personal – with Michael Gravett as underwriting director of wholesale and Brian Jackson underwriting director of personal lines.
Wholesale will be made up of aviation, casualty, financial and professional, marine, non-marine reinsurance and global property. Personal lines currently comprises syndicates 582 and 779.
A new central underwriting services unit headed by Andrew Fisher will be responsible for the definition of best practice and common processes.
Duncan Wilkinson, chief executive of St Paul at Lloyd's, said: “By streamlining our existing market presence into more focused specialist lines, this reorganisation will allow our business to use its underwriting capacity more effectively.”
The plan offers up to £50,000 for recruiting and employing a replacement partner if an existing one suffers an injury or illness that results in temporary or permanent disability.
Firms can claim for up to three partners in any period of insurance and the cover applies to both salaried and equity partners.
Last year the cover applied to all 2-10 partner firms.