Scor and XL also give capacity
Randall & Quilter Investment Holdings has launched a new syndicate through its subsidiary, R&Q Managing Agency.
Syndicate 1991 will start underwriting SME, niche personal lines property and associated liability business from 1 January 2013 through MGA appoinments.
It will have £77m of capacity for 2013, with R&Q providing 20%, XL and Scor supplying around 15% each, and private members giving the rest.
R&Q claimed that all business written by the syndicate will be new to the Lloyd’s market.
The account will be underwritten by former Axis Insurance underwriter Daniel Wright and his deputy, Steve Mitchell.
Lloyd’s veteran Eamon Brown will be an independent peer reviewer of the syndicate. Brown was joint head of Lloyd’s underwriting performance directorate from 2004 to 2009.
Former ALM director Michael Deeny will join as Randall & Quilter Underwriting Management Holdings non-executive director.
The business will be written all over the world.
R&Q chairman and chief executive Ken Randall said: “This is an exciting development for the group and the establishment of an R&Q ‘first party’ syndicate cements our expansion into the management of live underwriting and provides the group with scale and depth in this area. We believe that the underwriting team is first rate and that their management information systems set a new standard for delegated authority business.”