Mitsui Sumitomo Insurance Underwriting at Lloyd’s Ltd. (MSI) has launched its own Lloyd’s managing agency. According to a bulletin on the Lloyd’s web site (www.lloyds.com) it’s the first Japanese insurer to do so, and the first “turnkey” operation to have launched independently.
“A turnkey operation is an arrangement whereby an established Lloyd’s managing agent acts for a third-party syndicate, with the view that it will ultimately become autonomous – MSI is the first to make such a transition,” the announcement explained. “The syndicate will have an underwriting capacity of £340 million [$673 million], placing it in the top third of Lloyd’s syndicates for the year.”
MSI was previously in partnership with Lloyd’s managing agent Chaucer, but has now established its own underwriting operations, service platform and management structure, and has said it is “ready to take over the management of Syndicate 3210 from Chaucer under its own Managing Agency”.
Chief Executive Allan Guest noted: “We are grateful to Chaucer and Lloyd’s for the advice and support they have provided to MSI in helping us to achieve our ultimate aim of our own managing agency. We look forward to playing an active and increasing role at Lloyd’s, which is an important component of MSI’s overseas operations.”
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