Quanta announced today that its Lloyd's business has taken a step forward in the formation of the Pembroke Managing Agency Limited.
Quanta has signed definitive documents with Chaucer and the senior underwriting team of Syndicate 4000, for the formation of Pembroke.
As previously disclosed, Pembroke will be a joint venture among Quanta, Chaucer and the Syndicate 4000 underwriting team and will serve as the new managing agency for Syndicate 4000. The transaction is expected to close following the receipt of required Lloyd's and FSA regulatory approvals.
James Ritchie, executive chairman of Quanta, commented, "We are committed to the financial success of Syndicate 4000, and the Pembroke structure is designed to provide the Syndicate and its strong team of underwriters the necessary support it needs to maintain a long-term presence in the Lloyd's market. Establishing Pembroke will support the preservation of the capital Quanta has committed to the Lloyd's platform, and advances the capital diversity and independence of Syndicate 4000."
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