Ironshore's Pembroke Managing Agency Limited (Pembroke) and Mexico reinsurance company, Patria Re, have received Lloyd’s approval to establish a Special Purpose Syndicate (SPS).
Patria Re will join the Lloyd’s platform in partnership with Pembroke as the first Mexican reinsurer at Lloyd’s, to drive Latin American specialty business lines to the Lloyd’s market, effective for the 2016 Year of Account.
Pembroke served as third-party Managing Agent to guide Patria Re through the Lloyd’s New Entrant Assessment process.
Christopher Brown, Pembroke’s Third Party Syndicate Director, and Ingrid Carlou, Chief Executive Officer of Patria Re, led the Lloyd’s approval process and will jointly oversee operations.
Patria Re will operate as Patria Re SPS PAT6125, with an approved stamp capacity of £15 million Gross Written Premium (GWP).
Patria Re will underwrite a diverse portfolio of short tail exposures for Latin American specialist lines of business. The announcement was made to coincide with Lloyd’s opening of its first Representative Office in Mexico City in October 2015.
Ironshore International CEO Mark Wheeler said: "The creation of the Patria Re SPS offers an exciting opportunity to develop a broader and more balanced portfolio of Latin American business in the Lloyd’s market.
"The new syndicate is further demonstration of Ironshore’s continued commitment to build Pembroke’s third-party business to enhance its distribution platform."
Lloyd’s chairman John Nelson said: "This is excellent news. This is the first Mexican carrier to join the Lloyd’s platform and it coincides with the opening of our office in Mexico. We look forward to working with Patria Re."