The launch of Agile’s new Lloyd’s syndicate has been confirmed by managing agent Asta, subject to regulatory approvals.

As insuranceNEWS.com.au reported exclusively last month, the Australian underwriting agency has received in-principle approval from Lloyd’s to create Agile Syndicate 2427. It will be established under the “syndicate in a box” framework and managed by Asta through its third-party platform.

The syndicate aims to start underwriting from next month.

“Agile anticipates writing £34.1 million ($66.18 million) of gross written premium for the 2024 year of account, rising to £62.1 million ($120.52 million) for the 2026 year of account, with key growth areas being liability, professional indemnity, accident and health, property and travel,” Asta says in a statement.

“Through the syndicate, Agile plans to leverage its market position as a successful [managing general agency] to access niche and SME business written in the domestic APAC market, bringing this business to Lloyd’s.

“It plans to position the syndicate alongside its existing binders, maintaining its existing successful relationships with strong market leaders while bringing local expertise and tech distribution.”

Agile was formed in 2015 as an Australian coverholder and insurtech. It distributes its Powered By Agile platform free to brokers, enabling them to build digital strategies and brands to grow their business online. 

“By eliminating process friction, Agile offers access to micro premiums, improving efficiency for schemes, associations, and personal/SME policies,” Asta says.

“Agile syndicate 2427’s technological infrastructure enables it to adjust premium volumes, thereby taking advantage of market hardening in a way that limits strain on its expense base.”

Mark Hunt will be appointed active underwriter. Mr Hunt has 40 years’ underwriting experience, having started his career at Syndicate 386, before helping establish Syndicate 1156. He was also deputy active underwriter of Syndicate 2525. More recently, he held senior underwriting management roles at Zurich Australia.

“Through syndicate 2427, we will facilitate access to geographies and market niches that the Lloyd’s market is currently unable to write affordably,” Agile CEO Robin Barham said.

“Lloyd’s industry-leading position, excellent reputation and licenses, combined with Asta’s unrivalled experience and expertise as our managing agent, make them ideal partners for us to deliver future growth.”

Asta CEO Lorraine Harfitt says Asia-Pacific represents a significant opportunity for the Lloyd’s market. 

“Innovative offerings like Agile Syndicate 2427, benefit the market greatly and their ability to underwrite at Lloyd’s as a [syndicate in a box] is exactly what the model, in partnership with our third-party management capabilities, was designed to enable.”