Capita Managing Agency (CMA), a wholly-owned subsidiary of UK based Capita Insurance Services, has received an approval from Lloyd's to manage live syndicates.
CMA has also received approval from Lloyd’s to manage the a new Syndicate 2232, which is scheduled to commence underwriting from 30 June 2010.
According to the CMA, the new Syndicate 2232 will be capitalized by a subsidiary of Allied World Assurance Company Holdings and the syndicate will offer select product lines, which include international property, general casualty, professional lines and international treaty, targeted at key territories such as countries in Latin America and the Asia Pacific region.
In order to meet the demands of potential market entrants, Capita has also shaped its management team and agency model.
Capita claimed that it also has access to the resources offered by the Capita Group, including underwriting support, claims management, accounting and compliance expertise, IT provision and property management, enabling the agency to offer clients a full menu of the services required by businesses seeking to enter the Lloyd’s market.
CMA CEO Iain Bremner said that the combination of the strong agency and access to back office support, via the wider Capita Group, is a powerful one that CMA believe will prove attractive to potential new entrants to Lloyd’s.