Svb Syndicates, the Lloyd's managing agency subsidiary, is revamping its underwriting operations into three syndicates.
Syndicates 575, 2271 and 2147 will be incorporated into a “composite” syndicate. Syndicate 1241 is to be merged into sydicate 1212 and syndicate 1007 will remain unchanged.
The wholly-owned “composite” syndicate will consist of four divisions – marine direct and reinsurance, aviation reinsurance, property direct, reinsurance and a new direct programmes division.
Alan Hicks will initially manage the underwriting function of the sydicate, while George Carrington will be appointed active underwriter of the enlarged sydicate 1212.
Syndicate 1007 will continue to be underwritten by Mark Wheeler and will be largely unaffected by the reorganisation.
Rupert Villiers, CEO of SVB Holdings, said: “We believe the structural changes announced today will deliver optimum benefits to our clients, shareholders and employees in more effectively deploying our management skills and underwriting expertise.
“This consolidation preserves all of the existing business advantages of syndicate-based underwriting and permits greater focus to be applied to the management of our overall operations,” he said.
The changes will take effect from the 2002 underwriting year, subject to approvals and the consent of capital providers.