Multi-class international managing general agent (MGA) platform Volante Capital Holdings (Bermuda) has obtained ‘in-principle’ approval from Lloyd’s to launch Syndicate 1699 for the 2022 year of account.
Volante provides specialist reinsurance products in a variety of lines (including motor, property and casualty, cyber, professional indemnity, and directors and officers) across its distribution network.
Managed by Asta Managing Agency, the new syndicate will have an initial stamp capacity of £130 million.
Lloyd’s will receive business from the syndicate through Volante’s existing international network of nine local service companies that underwrite in eight different classes.
Following the launch of the syndicate, Volante predicts its growth will be spurred by the expansion of existing portfolios, as well as the offering of products and services to niche and specialty market sectors.
These services will be supported by innovative cloud-based digital platforms that offer improved portfolio management, quick and efficient access, and reduced operating costs.
Elsewhere, Volante’s MGA teams will continue to underwrite separate business with third-party capacity binders.
Talbir Bains, founder and CEO of Volante Global, explains: “We seek to create a new kind of international Lloyd’s vehicle within the Volante Group, one which champions Lloyd’s standards and upper quartile underwriting performance.”
“Our ambition is to establish a fully-aligned partnership between Lloyd’s and our existing local underwriting offices, which will be re-established as service companies to Volante Syndicate 1699.”
“Our parallel syndicate and MGA entities, each backed by the world’s leading risk capital providers, will form an organisation unique in Lloyd’s and the London Market, one proven to deliver market-leading underwriting profitability,” concludes Bains.
