ArgoGlobal has launched the first Lloyd’s Market consortium for motor treaty business.
Supported by Barbican Insurance Group, the consortium was established in time for January renewals and will allow the carriers to write up to 10 percent of a motor placement.
International casualty treaty class underwriter Stuart Dale will spearhead the consortium, which will bring new capacity to the market, enable its members to underwrite significantly more premium and consolidate Lloyd’s markets with an interest in writing this class in London, ArgoGlobal said.
Dale commented: “By challenging the status quo and developing an innovative solution, we can better deploy our expertise, leverage our underwriting experience, and bring new capacity to the market for the benefit of both clients and brokers. We are now ideally placed to operate alongside the leading players in London and across Europe.
He added: “This is a scalable initiative we aim to potentially grow with new capacity. It will also allow us to realise further opportunities created by changes in the rating and regulatory environment. We have been particularly pleased with the response from our broking partners to our new consortium with Barbican and are grateful for the market’s support. There are presently clear opportunities in this sector.”
Barbicans underwriting manager for international casualty reinsurance, Tim Mackenzie remarked: “We are very pleased to support Stuart and ArgoGlobal in this new initiative. The motor market offers a good opportunity to diversify our portfolio and there is clearly scope for the consortium to carve a niche in this area and to challenge the traditional markets in Europe.”