Carbon Underwriting progresses to Lloyd’s syndicate
Carbon Underwriting , an independent managing general underwriter (MGU) and Lloyd’s syndicate-in-a-box (SIAB), has received ‘in principle’ approval from Lloyd’s to become a full Lloyd’s syndicate with effect from January 1st, 2023.
Carbon Syndicate 4747, which operates as an underwriting and market lead with a focus on Coverholder partnerships in the global property and casualty sector, began underwriting as a SIAB on July 1st, 2020, with the support of third-party managing agent Asta .
The SIAB model has allowed Carbon to develop a targeted, efficient and profitable model that focuses on high quality, data-driven underwriting, while providing access to the Lloyd’s franchise, international licensing and rating.
The transition to full syndicate will allow Carbon to continue to pursue high quality, global Coverholder business supported by additional classes and the evolution is expected to bring a gross written premium of £135 million for 2023, subject to Lloyd’s agreement.
“We are thrilled to become the first Lloyd’s syndicate-in-a-box to transition to full syndicate status. During the last two and a half years, we have attracted new A-rated capacity providers, and have expanded our highly talented team of underwriters, data analytic engineers, pricing analysts and claims managers. This next step is a milestone in our development and has been achieved with tremendous thanks to the Carbon team for their hard work – we look forward to a bright future of continued sustainable growth.” – Carbon CEO, Nick Tye.
“Carbon’s journey so far has been about successfully applying our partnership strategy, including a tangible capacity commitment to support our Coverholders’ profitable growth ambitions. I would like to thank our Coverholder and capacity partners, reinsurers, as well as the experts at Asta and Lloyd’s – and of course our fabulous team at Carbon – for making this transition to full Lloyd’s syndicate possible.” – Carbon Chief Underwriting Officer, Jacqui Ferrier.
“Our transition to full syndicate is a fantastic achievement, which has been fuelled by the efforts of our team of experts in combination with Graphene – our proprietary technology platform. Improving data quality, communications, and ultimately, underwriting results, is critical to the future success of Carbon, our partners and indeed the market. I’m excited for the next stages in our growth journey.” – Carbon Chief Technology Officer, Ben Laidlaw.
