21st July 2021
Asta, the leading third-party managing agent at Lloyd’s, today announces the launch of its latest syndicate-in-a-box (SIAB), Medical & Commercial International’s (MCI) syndicate 1902. It has received ‘in-principle’ approval from Lloyd’s to start writing business effective 1 January 2022, with gross written premium (GWP) of £49.8 million in year one, estimated to rise to £76.4 million in year three.
MCI is established in underwriting specialised general and medical liability on an international basis. MCI syndicate 1902 will write three core classes of business: life science and clinical trials, medical malpractice, and commercial liability, which will be transacted through electronic channels. Permission for the syndicate to underwrite will follow the successful completion of Lloyd’s “making it happen” review process.
Philip Trafford will be appointed active underwriter for syndicate 1902. He established MCI in 2014 and leads the business as CEO. He has more than 20 years of underwriting experience with a notable track record in medical and commercial liability. Trafford will be supported by a team of product leaders with scientific and insurance industry expertise.
Trafford said: “The vision for syndicate 1902 is to create a global leader in science, research-led risk transfer, and management with superior returns predicated on a deep understanding of the risks, as well as disciplined underwriting. The flexible and cost-effective SIAB platform made it possible for MCI to enter Lloyd’s and we are grateful for Asta’s guidance and continual support in helping us reach this milestone.”
Julian Tighe, chief executive officer of Asta, added: “We are proud to unveil our latest SIAB which further reinforces our ability to provide a flexible and swift route to market for aspiring new entrants to Lloyd’s. MCI syndicate 1902 embodies innovation in terms of its product, distribution, and approach to technology and we are delighted to work with the MCI team and look forward to seeing the positive impact its business will have in Lloyd’s.”