Pembroke’s GIC deal approved by Lloyd’s
Pembroke Managing Agency Ltd — part of Bermudian-based Ironshore — has been granted approval by Lloyd’s to establish and manage GIC Syndicate 1947. Lloyd’s has granted Syndicate 1947 permission to underwrite business, attaching on or after April 1, 2018, in accordance with the Lloyd’s agreed business plan. The Syndicate’s stamp capacity is £55 million for 2018.
GIC Syndicate 1947 will underwrite Property, Agriculture and Engineering lines of business. GIC Re is a market leader in India and the Saarc region having been established for more than 45 years. Pembroke, a specialist provider of Lloyd’s managing agency services to Strategic Partners, guided GIC Re through the Lloyd’s approval process and will manage the new syndicate.
“Pembroke is delighted to have obtained Lloyd’s approval for this syndicate. GIC Syndicate 1947 will bring a balanced and diversified domestic Indian portfolio into the Lloyd’s market that otherwise would have been beyond our reach,” Chris Brown, strategic partnership director for Pembroke Managing Agency, said.
Neil Attwood has been appointed as Active Underwriter for the GIC Syndicate. Mr Attwood will report to Mr Brown. He was most recently active underwriter at AmTrust Syndicate 2526, and also had served in the leadership role as active underwriter with Torus Syndicate 1301.
Mr Attwood added: “Harnessing Pembroke’s specialty lines expertise with GIC Re’s underwriting and distribution capability in India, will further develop business opportunities for GIC Re, Pembroke and other participants in the Lloyd’s market.”
GIC Re is ranked twelfth among the top 40 global reinsurers, according to Standard & Poor’s. GIC Syndicate 1947 is the first Lloyd’s syndicate to be backed solely by capital from an Indian reinsurance group. Pembroke received “in principle” approval to create the GIC syndicate as granted by Lloyd’s Franchise Board in December 2017.
Ironshore is owned by US-based insurer Liberty Mutual.