Chaucer Establishes New Syndicate

by Richard Kilner

Story link: Chaucer Establishes New Syndicate

A new Lloyd’s syndicate has been formed after Chaucer reached an agreement with Lightyear Capital from America and Württembergische Versicherung AG from Germany.

The Lloyd’s Franchise Board has given approval, in principle, for Antares Syndicate 1274 to begin writing next year, with an underwriting capability of £135m.

It will be managed by Chaucer’s Syndicates, and is sponsored by the new Bermudian-based Antares Holdings which was created by the investor group.

Antares Syndicate 1274 will be available worldwide and underwrite a large range of speciality insurance, such as aviation and marine insurance.

The new syndicate will also acquire WürttVers’ UK subsidiary, Württembergische UK Limited, and take on the renewal rights of WürttVers’ London Market portfolio and give Lloyd’s a base and new possibilities in the specialty insurance market.

Antares Syndicate 1274 will be actively underwritten by Stephanie Redmond, the incoming CEO of Antares and former chairman of the Institute of London Underwriters.

Bob Stuchberry, chief underwriting officer of Chaucer’s, expressed his optimism that the combination of the Lightyear-led investor group’s experience, the talents of the underwriting team and the managing agency’s skills comprised an excellent business opportunity.