London-headquartered specialist underwriting agency CFC says its CFC Syndicate 1988 has incepted and started trading in the Lloyd’s market.

The syndicate will write a cross-section of CFC’s portfolio of specialised, emerging and digital economy risks.

CFC expects the syndicate to achieve gross premium of about £100 million ($185 million) during its first year of operation.

The underwriter provided the syndicate with risk capital and also worked with Aon Capital Advisory to attract financial backing from third parties, including a large pension fund and reinsurers located in Bermuda, Cayman and Japan.

CFC says unlike traditional syndicates, Syndicate 1988 is “futuristic” as it will not have a box at Lloyd’s. The syndicate will instead be operated with a lower level of resources through its use of technology.

Asta Managing Agency is the managing agent of the syndicate.