White Mountains Affiliate’s New Syndicate
White Mountains Re Ltd., the reinsurance unit of Bermuda-domiciled holding company White Mountains Insurance Group, Ltd., today [May 23] announced its Sirius International Insurance Corporation affiliate has received approval in principle from the Lloyd’s Franchise Board to establish Lloyd’s Syndicate 1945: 1945 was the year Sirius was founded.
The syndicate will be managed by Whittington Capital Management Limited, a Lloyd’s registered managing agency which is authorised and regulated by the Financial Services Authority in the UK.
Sirius and Whittington are working with Lloyd’s to secure final approval to commence underwriting business on or after July 1, 2011.
The syndicate’s underwriting plan will comprise insurance and reinsurance in the accident and health and contingency lines transferred from the London branch office. These are classes in which Sirius has an established track record and reputation in the London market.
The active underwriter of Syndicate 1945 with principal authority to write business will be Mike Dashfield. Since 1998 Mike has run Sirius’ London branch office, one of Sirius’ largest and most profitable branches.
Mike Dashfield said: “Sirius has been in the London market since 1979 and becoming a full syndicate is a natural step for us. We believe we are bringing something different to Lloyd’s with our underwriting expertise and leadership capabilities in Accident and Health and Contingency, and these lines will flourish when coupled with the unrivalled underwriting platform which is Lloyd’s.”
Goran Thorstensson, CEO of Sirius, said: “We are pleased to have reached this point in the process to establish Syndicate 1945 which will provide a superior distribution channel for our products.
“We will have full access to the international markets in which Lloyd’s operates as well as the strength of Lloyd’s franchise. We have an outstanding team with an exceptional track record and substantial experience, and are confident that Syndicate 1945 will be successful.”
Bermuda-domiciled White Mountains Re’s operating companies offer lead capacity for property, accident & health, aviation, trade credit, marine and other exposures.
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