The launch aims to increase the $32bn of premium already flowing into Lloyd’s from the broker

Third-party managing agent Asta and global fintech and insurance broker Acrisure have been granted in principle approval from Lloyd’s to launch Flux syndicate 1985.

The syndicate will commence underwriting on 1 January 2023 and will be managed by Asta.

Its aim is to take Lloyd’s products to new buyers through Acrisure’s tech-driven retail distribution systems, in addition to expanding partnership opportunities for other syndicates in the market by easing access to the broker’s retail network.

Asta chief executive Lorraine Harfitt said: “Of about $32bn [£27.6bn] in premium currently managed by Acrisure, only about $400m [£345m] currently flows into Lloyd’s.

“The launch of Flux stands to increase that ratio dramatically and bring a large volume of new risk and premium into the market.

“It will accrue not just to Flux, but to other syndicates as well and will also provide additional opportunities for third-party capital.

“We’re proud to provide third party syndicate management to this exciting venture, which constitutes a ringing endorsement of Lloyd’s initiatives to make the market more attractive to high-quality, low-expense, entrepreneurial insurance players seeking an efficient platform for growth.”

Market intersection

Grahame Millwater, president of global insurance at Acrisure, added: “The global insurance market is experiencing a growing convergence between underwriting, distribution and capital.

“The Flux syndicate offers investors access to high-quality risk from multiple sources via the most direct route possible.

“We looked at Lloyd’s efforts to make the market more accessible and easy to use – we like what we have seen.

“With the help of Asta, we’ve created a leading-edge business model which will harness those facilities to the benefit of everyone in the chain – from the insured customer all the way to the ultimate capital provider.”

  • Insurance Times has converted dollar amounts into pounds using an exchange rate of £1 = USD 1.16, which was correct as of 1 September 2022.