CFC, the specialist insurance provider, has been granted in principle approval to create CFC Syndicate 1988, which will write a cross-section of its established portfolio of risks, including emerging and digital economy risks such as cyber.
The syndicate has a planned gross premium of over £100 million for its first year of trading, with capital to be provided by CFC and third-party capital-providers. It will be managed by Asta Managing Agency, with CFC and Asta working together to secure final approvals to commence underwriting business from July 1, 2021.
Dave Walsh, CFC founder and chief executive officer (CEO), said: “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 said Syndicate 1988 furthers its ambition to bring its low volatility, low limit and highly automated underwriting portfolio to a wider universe of potential capital providers. It also enables CFC to share in a greater proportion of its own underwriting profitability.
John Neal, CEO of Lloyd’s, said: “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.”
Julian Tighe, Asta CEO, said CFC’s “ethos, 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.”
CFC, Lloyd's, Syndicate 1988, John Neal, Julian Tighe, Asta, Dave Walsh