Chaucer Announce Collaborative Syndicate Launch

by Stewart Douglas

Story link: Chaucer Announce Collaborative Syndicate Launch

Insurer Chaucer has today unveiled its plan in conjunction with a New York private equity partnership and a leading German insurance company to launch a new syndicate at Lloyd’s with an initial underwriting capacity in excess of £135m.

The collaboration will see Chaucer team up with US equity group Lightyear Capital and German-based Wurttembergische Versicherung AG to launch the syndicate, Antares Syndicate 1274, to commence business in 2008 across a broad range of underwriting markets.

The syndicate will be managed by the syndicates division of Chaucer, whilst it will be owned by a new holding company, Antares Holdings, established in Bermuda for tax purposes. Chaucer are thought to have invested around £15m in the operation to date, with the remaining capital investment provided by Lightyear and WurttVers.

The holding company has been established by Lightyear, and will see high profile individuals from within the insurance industry assume positions with a view to creating a significant underwriting presence in the Lloyd’s market.

Stephen Redmond, formerly the Chairman of the ILU, has been brought in as the CEO of Antares and will participate in the syndicate as an underwriter also. With significant experience of underwriting and advising London market management committees, Redmond has been selected as the ideal candidate to bring success to the Antares Syndicate.

The new syndicate will deal with underwriting across insurance sectors, from property to marine underwriting with a view to global underwriting business. The holding company will also takeover the current underwriting portfolio of WurttVers when it expires, giving the group more of a grounding for their underwriting operation.

Bob Stuchberry of Chaucer spoke today of the company’s delight at its involvement in the project, which it hopes will help fund future expansion projects after what has been a good year for the underwriting operation.