Listed Lloyd's underwriter Wellington ran out of time to establish a new underwriting vehicle by the end of 2001, but plans to have the venture in operation by the end of the first quarter 2002.
Th ...
Listed Lloyd's underwriter Wellington ran out of time to establish a new underwriting vehicle by the end of 2001, but plans to have the venture in operation by the end of the first quarter 2002.
The insurer said it had secured, in principle, support for the £400m insurance company from prospective investors,. However, it had been unable to gain approval from "members' agents representing Names providing third party capacity to Wellington's [existing] Syndicate 2020".
Wellington first revealed plans for the new company on 23 November 2001. It said it would be used to support the expansion of its underwriting activities.
Capital providers involved were named as Candover Partners, Electra Partners Europe, 3i Group and Phoenix Equity Partners.
The new company will be based in London and will be authorised by the FSA.
Wellington also confirmed it was raising the underwriting capacity for its managed Syndicate 2020 by 25% to £625m for 2002.
It said its dedicated corporate vehicles would continue to provide about 46% of Syndicate 2020's capacity.
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