Brit Ltd. receives principal approval to launch a new syndicate

Brit Ltd. has been awarded in principle approval from the Lloyd’s Franchise Board to launch their new Syndicate 2988. The syndicate is expected to begin underwriting business in January 2017, subject to completion of the final stage of Lloyd’s application framework. Syndicate 2988 will be run by Brit Syndicates Ltd. which also runs Brit’s Lloyd’s Syndicate 2987 and holds Chartered Insurer status. Syndicate 2988 will work with a capacity of £52 million for its debut year of trading and is to be bolstered by private Lloyd’s members. The company said in a statement, “Underwriting will be undertaken by Brit’s existing teams and the syndicate will write a well-balanced global portfolio of both insurance and reinsurance across a broad range of specialty lines in which Brit already has well established product offerings.” The launch of Syndicate 2988 reinforces Brit’s continued commitment to the Lloyd’s market and ambition to become the largest Lloyd’s-only insurer. Matthew Wilson, Brit group deputy CEO and Brit global specialty CEO said, “Brit is the largest business writing solely on the Lloyd’s platform, and we believe this focus is a key differentiator for us. The announcement is further evidence of our commitment to this market.”