Spectrum Syndicate Management has gained approval as a new Lloyd's managing agency and has been appointed by Lloyd's and capital providers to manage the Crowe run-off.
Spectrum will manage the 16 Crowe syndicate run-off years for Syndicates 1121, 53, 808, 963, 982, 1204, representing £647m of capacity.
Spectrum will offer a range of services to companies, including regulatory support, litigation support, reserving and pricing advice and management of underwriting capacity.
It says its main emphasis will be on "quickly bringing new run-offs under control in the critical early stages and developing models for rapid closure in conjunction with capital markets to achieve finality".
The managing director of Spectrum Syndicate Management, Richard Murphy, said: "Whilst we are obviously looking to find the right opportunity to manage new capacity, Spectrum intends to remain a small firm focussed on the specialist areas where we believe we can make a difference.
"The Spectrum team has a proven ability to get new run-offs under control and we have developed viable models for achieving finality in the shortest time and for the least cost. We think that is what capital providers and policyholders want above all else," he added.
