Whittington Group has signed a conditional agreement to sell its newly formed Lloyd's Managing Agency and specialist Asian syndicate, Alba, to Insurance Australia Group (IAG).
Whittington formed Alba with capital support from IAG with a view to growing an Asian based Lloyd's underwriting vehicle.
Whittington said as the project developed both itself IAG recognised a compelling business opportunity and it made strategic sense to both parties for Alba to be sold to IAG.
Whittington and IAG reached agreement whereby Whittington will be a co-investor on the syndicate as well as providing a range of back office services in London and Singapore to support the business.
Whittington Group CEO, Tony Hobrow said: “We have no doubt that with the combination of IAG's financial strength and the Lloyd's platform the Alba business will become a leading player in its field in the Asia Pacific region. We are delighted to retain an active involvement with the development of this enterprise.”
Lloyd's president, Asia-Pacific, Tony Egerton said: “The fact that such a major insurance player has shown significant commitment to Lloyd's shows the market's current strength and the wealth of opportunity it can offer through its renowned brand and worldwide network.”
Moray Martin, based in Singapore, has been appointed CEO and chief underwriter (Syndicate 4455) of the Alba Group and will oversee the development of a portfolio of commercial non-life reinsurance business.
