Novae Syndicates, the Lloyd's platform for Novae Group, today announced it is to merge its syndicates 1007 and 2147 with effect from the 2007 year of account.
The newly merged entity is to be renumbered Syndicate 2007 and will have a merged capacity for the new year of account of £360m – the aggregate of the 2006 capacity of syndicates 1007 and 2147.
Non-aligned capacity on the newly merged syndicate will be less than 6% and it is NSL's stated objective to acquire the remaining capacity that it does not already own.
Alan Hicks, who is currently active underwriter of syndicate 2147, will become active underwriter of syndicate 2007 whilst Jonathan Butcher, currently active underwriter of syndicate 1007, will become deputy underwriter.
Commenting on the syndicate merger, group chief executive Matthew Fosh said: “The merging of our two Lloyd's syndicates puts into place one of the final pieces of the planned restructuring and rejuvenation of our business. The new combined syndicate will provide a larger, more resilient Lloyd's underwriting platform to the benefit of our clients, brokers, rating agencies and regulators.
“Reducing the reporting and regulatory burden will provide economies of scale and enable us to manage cash flows and investments more flexibly and effectively,” Fosh added.
Alan Hicks, active underwriter for the new syndicate 2007, commented: “Operating one syndicate will help maintain our profile in those classes where we are a recognised lead by offering an underwriting platform with significant capacity. It will also assist us in blending together the different types of business written by our existing syndicates to create a more stable financial performance over the insurance cycle.”
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