The syndicate will focus on the specialist US high net worth market
A new syndicate, targeting US high net worth risks is set to launch in Lloyd’s with a target gross written premium of $1bn.
American International Group (AIG) announced proposals to launch the syndicate which will be management by Talbot Underwriting Limited, which was acquired by the US insurance giant in 2018.
”The syndicate is one of the first which has been able to come to market having utilised the fast track system outline in Lloyd’s blueprint for the Future initiative.”
Peter Zaffino, Chief Executive Officer, General Insurance, and Global Chief Operating Officer, AIG, said: “AIG’s industry recognised Private Client Group and its differentiated distribution network are highly compatible with Lloyd’s blueprint for innovation and sustained growth.
”We look forward to working closely with Lloyd’s to bring Syndicate 2019 to market, and to delivering enhanced differentiation and value to the US high net worth customer base.”
The syndicate will focus on the specialist US high net worth market and will begin writing business on 1 January 2020.
“This specialist syndicate represents substantial, accretive new business to the Lloyd’s market, writing up to $1bn in gross written premiums,” said AIG.
The insurer said whilst the syndicate has undergone the normal Lloyd’s scrutiny it has “benefitted from some of the framework improvements for new entrants being piloted as part of the Future at Lloyd’s Blueprint One, including a much-streamlined initial application-to-approval process of around four months”.
Lloyd’s Chief Executive Officer, John Neal, said: “AIG Private Client Group is regarded as one of the flagship high net worth portfolios in the US, providing a bespoke underwriting and service proposition for its customers.
”We are delighted that AIG has made the strategic decision to partner with the Lloyd’s market to bring specialty niche business which wouldn’t otherwise naturally find its way into Lloyd’s. Syndicate 2019 is a significant endorsement of the Future at Lloyd’s and represents strong support for our vision to build the most advanced insurance marketplace in the world.”
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