Medical & Commercial International (MCI), the specialist managing general agency, has received “in-principle” approval from Lloyd’s for Syndicate 1902 to underwrite business incepting on or after Jan. 1, 2022.
The syndicate will write gross written premium (GWP) of £45 million (US$61.4 million) in year one. It will be established under the Lloyd’s “syndicate-in-a-box” (SIAB) scheme and managed by Asta, the leading third-party managing agent at Lloyd’s. (Editor’s note: As part of its Future at Lloyd’s project, the market developed the concept of a syndicate-in-a-box to make it easier for innovative capital to enter the market).
Having executed a management buy-out from its previous parent company in September 2020, MCI will combine the forces of its existing panel of capacity providers (via a market-leading liability consortia) with that of Syndicate 1902. They will continue to write existing core medical and commercial liability classes, as well as launching several new and innovative products which have scientific and research-driven underwriting characteristics.
Phil Trafford will be appointed active underwriter for Syndicate 1902. He established MCI in 2014 and leads the group as CEO. Trafford has more than 20 years of market experience with a notable underwriting track record in medical and commercial liability. He will be supported by a team of product leaders with scientific and/or insurance industry expertise, including Daniel Starmer, James Banks and Anthony Wright.
“The vision for Syndicate 1902 is to create a global leader in science and research-led risk transfer with superior returns in evolving risk classes. The flexible and cost-effective SIAB platform made it possible for MCI not only to establish a credible risk bearing vehicle, but also to enhance our current product offerings,” commented Trafford.
“We are excited to work with Asta in this new initiative and are grateful for their guidance and continual support in helping us reach this milestone,” he added.
Julian Tighe, chief executive officer of Asta, said: “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.”
MCI was advised on the SIAB application by Ben Canagaretna from Acrisure Re. MCI legal advice was provided by Slaughter and May.
Source: Medical & Commercial International (MCI)
Interested in Commercial Lines?
Get automatic alerts for this topic.