AIG is seeking approval for a new syndicate at Lloyd’s to serve the specialist US high net worth market, writing up to $US1 billion ($1.46 billion) in gross written premiums.

The new Syndicate 2019 will start writing business on January 1, subject to regulatory approval. It will be managed by Talbot Underwriting, which AIG bought last year.

“This specialist syndicate represents substantial, accretive new business to the Lloyd’s market,” AIG said.

The giant US company’s Private Client Group high-net-worth portfolio in the US provides bespoke underwriting for its sophisticated customers. The new syndicate will offer these clients additional products and risk management solutions and drive profitable growth for both Lloyd’s and AIG, the insurer says.

AIG says the syndicate benefits from improvements being piloted as part of the Future at Lloyd’s Blueprint One, including a streamlined initial application-to-approval process of about four months.

Lloyd’s CEO John Neal says he is “delighted that AIG has made the strategic decision to partner with the Lloyd’s market to bring specialty niche business which wouldn’t otherwise naturally find its way into Lloyd’s”.

“Syndicate 2019 is a significant endorsement of the Future at Lloyd’s and represents strong support for our vision.”