Medical and Commercial International (MCI) has received in-principle approval from Lloyd’s to form Syndicate 1902.
MCI is an international liability risk underwriter specialising in general liability, clinical trials, medical device liability, medical malpractice liability, and pharmaceutical liability insurance.
Developed under the syndicate-in-a-box (SIAB) model and managed by third-party managing agent Asta, the syndicate will be authorised to underwrite business from 1 January 2022.
It is expected to write gross written premium of £45 million in the first year.
Phil Trafford, founder and CEO of MCI, will be an active underwriter for the syndicate, bringing over two decades of market experience in medical and commercial liability.
The team of product leaders also includes Daniel Starmer, James Banks and Anthony Wright.
Trafford comments: “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,” he adds.
Julian Tighe, CEO of Asta, continues: “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.”
