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Lloyd’s welcomes new CFC syndicate to the market

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Specialist insurance provider CFC has the go-ahead from Lloyd’s to create a new syndicate.

CFC, which is headquartered in London but has an office in Brisbane, is working with Asta Managing Agency, which will manage Syndicate 1988, and the pair are securing final approvals to commence underwriting business from July.

The syndicate will write a cross-section of CFC’s established portfolio of specialist, emerging and digital economy risks, which CFC says are an area of high structural growth.

Syndicate 1988 will bring these “attractive, diversifying classes” into the Lloyd’s market, CFC says.

“We are delighted to welcome CFC as a new entrant to the market and are confident their innovative new platform can make a positive contribution to our Future at Lloyd’s ambitions,” CEO of Lloyd’s CEO John Neal said.

Gross premium of more than £100 million ($178.99 million) is expected in the first year of trading, with capital to be provided by CFC as well as third-party capital-providers.

“A CFC syndicate supports our ambitious, technology-driven roadmap by bringing new capital to the table and offering access to licensing and resources that only Lloyd’s can provide,” CFC founder and CEO Dave Walsh said.

CFC says Syndicate 1988 will bring CFC’s low volatility, low limit and automated underwriting portfolio to more capital providers while enabling CFC to share in a greater proportion of its own underwriting profitability.

Asta CEO Julian Tighe says CFC’s strategy and focus on technology “embodies the spirit of the Lloyd’s blueprint initiatives and is testament to our continued success in bringing innovation and modernisation to the market”.

Asta, the leading third party managing agent at Lloyd’s, is responsible for 11 syndicates.