[Intelligent Insurer]Lloyd’s approves China Re syndicate

来源:发布时间: 2014年12月01日浏览次数:

  China Reinsurance has received approval from Lloyd's to transform its existing special purpose syndicate into a stand-alone syndicate.

  Catlin Underwriting Agencies, a subsidiary of Catlin, will manage Syndicate 2088.

  The syndicate will underwrite a diversified book of business, initially focussing on property, marine and specialty treaty reinsurance, beginning January 1, 2015 and is projected to underwrite premiums of approximately £120 million in 2015.

  This marks the first time that a Chinese-owned company has established a Lloyd's syndicate writing open market business. Over time, China Re will assume responsibility for all of the functions required by the syndicate.

  Matthew Sage will be the active underwriter of Syndicate 2088. He most recently was chief underwriting officer of Catlin Bermuda, a post he assumed in 2008.

  The syndicate's deputy active underwriter will be Yin Hang, currently deputy general manager of the international business department at China Re in Beijing.

  The syndicate's non-underwriting functions will be led by Timothy Peters as syndicate manager, and Liu Gangjian, as deputy syndicate manager. Peters is currently the group head of reinsurance asset management for Catlin and Gangjian is currently the chief representative of China Re's London representative office.

  Dr Li Peiyu, chairman of China Re, said: "I am pleased to announce that China Re's application to transform Syndicate 2088 has received final approval from Lloyd's and that the syndicate is ready to underwrite business incepting from January 1, 2015. We at China Re are grateful to Lloyd's for their consideration of our application. We would also like to thank Catlin Group Limited for its help in the formation of Syndicate 2088 and for agreeing to provide management services to the Syndicate in its initial years.

  Stephen Catlin, chief executive of Catlin, said: "I am delighted that China Re has received permission to establish a Lloyd's syndicate that will write open market business and that China Re has chosen Catlin to manage the syndicate from its outset. The syndicate further underscores Lloyd's position as a leading market for international insurance and reinsurance business. We at Catlin look forward to continuing to work with China Re in the coming years to help build Syndicate 2088's business portfolio."

  Lloyd’s, China Re, Reinsurance, Catlin, Matthew Sage, Yin Hang, Asia-Pacific, Timothy Peters, Liu Gangjian, Dr Li Peiyu, Insurance, Stephen Catlin

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