David Pye, the former managing director of London & Edinburgh, has resurfaced at Lloyd's of London, where he plans to compete with the composite insurers.
Pye is taking over as active underwriter on Syndicate 962 and has announced a major expansion. The new syndicate will underwrite UK property, general liability and products and professional indemnity, as well as specialist liability.
Several of the team are former London & Edinburgh underwriters.
David Pye said: "The Pye Syndicate 962 and its service company, Charrington's 962, now offer brokers an underwriter able to compete with the composite insurers for most classes of UK business. We aim to be a major force in the UK market with capacity and the underwriting skills to meet the needs of the professional broker operating in the mid-corporate sector.
"The support of reinsurers for the team has been crucial in enabling us to offer lines of £30 million for property risks, £20m for liability and £5m for professional indemnity – equivalent to the lines of major insurers."
The property and liability team is David Watts, Joe Bartlett and Simon Stokoe. The professional indemnity team is Terry Newson, Dave Hunwick and Grant Clemence.
In the new year Adrian Thone and Paul Tapping will form a schemes and affinities team and Mark Beattie will join.