Syndicate 4747 becomes first Syndicate-In-A-Box to transition to a full Lloyd’s Syndicate, supported by Asta
London: 7 September 2022 – Carbon Underwriting Limited (Carbon), the specialist, independent managing general underwriter (MGU) and Lloyd’s syndicate-in-a-box (SIAB), is delighted to announce that it has received ‘in principle’ approval from Lloyd’s to become a full Lloyd’s syndicate with effect from 1st January 2023.
Carbon Syndicate 4747, which operates as an underwriting and market lead with a focus on Coverholder partnerships in the global property and casualty sector, began underwriting as a SIAB on 1st July 2020, with the support of third-party managing agent Asta.
The success of the SIAB model has allowed Carbon to develop a highly targeted, efficient and profitable model that focuses on high quality, data-driven underwriting, while providing access to the Lloyd’s franchise, international licensing and rating.
The transition to full syndicate will allow Carbon to continue to pursue high quality, global Coverholder business supported by additional classes and the evolution is expected to bring a gross written premium of £135 million for 2023, subject to Lloyd’s agreement.
Nick Tye, Carbon CEO, said:
“We are thrilled to become the first Lloyd’s syndicate-in-a-box to transition to full syndicate status. During the last two and a half years, we have attracted new A-rated capacity providers, and have expanded our highly talented team of underwriters, data analytic engineers, pricing analysts and claims managers. This next step is a milestone in our development and has been achieved with tremendous thanks to the Carbon team for their hard work – we look forward to a bright future of continued sustainable growth.”
Jacqui Ferrier, Carbon Chief Underwriting Officer, said:
“Carbon’s journey so far has been about successfully applying our partnership strategy, including a tangible capacity commitment to support our Coverholders’ profitable growth ambitions. I would like to thank our Coverholder and capacity partners, reinsurers, as well as the experts at Asta and Lloyd’s – and of course our fabulous team at Carbon – for making this transition to full Lloyd’s syndicate possible.”
Ben Laidlaw, Carbon Chief Technology Officer, commented:
“Our transition to full syndicate is a fantastic achievement, which has been fuelled by the efforts of our team of experts in combination with Graphene – our proprietary technology platform. Improving data quality, communications, and ultimately, underwriting results, is critical to the future success of Carbon, our partners and indeed the market. I’m excited for the next stages in our growth journey.”
Lorraine Harfitt, Asta CEO, added:
“The Lloyd’s syndicate-in-a-box initiative has provided a faster, more capital-efficient entry to Lloyd’s for Carbon’s entrepreneurial team and served as a successful launch pad that has seen Carbon build out a leading Coverholder panel across several territories including Europe, Australia and North America.
Carbon’s success demonstrates the combined ability of Davies and Asta, not just to launch platforms, but to partner and guide insurers through their life cycle. We are delighted that Carbon have realised their ambitions, firstly in establishing their MGA through Davies, then launching their SIAB through Asta and now, reaching this further milestone in their progress to becoming a full syndicate. It is an impressive success for the Carbon team and we look forward to continuing to work with them in the future.”
Helen Wright: firstname.lastname@example.org +44 (0)7842 729 579
Roddy Langley: email@example.com +44 (0)7547 901 618
Please contact our team to discuss how our services can enable your business to grow.
Carbon Underwriting is a trading name of Carbon Underwriting Limited which is an appointed representative of Davies MGA Services Ltd, a company authorised and regulated by the Financial Conduct Authority under firm reference number 597301 to carry on insurance distribution activities. Carbon Underwriting Limited is registered in England and Wales company number 11193856. Registered office at 5th Floor, 20 Gracechurch Street, London, EC3V 0BG
© Copyright 2021 Carbon Underwriting