A new syndicate will begin underwriting at Lloyd’s on 1 January, with an ambitious target for premium income and as the first to use the new streamlined approval system launched by the market last month.
American International Group (AIG) has said it will launch the new syndicate that will target US High Net Worth business.
Syndicate 2019 will be managed by Talbot Underwriting Limited, the managing agency acquired by AIG in 2018, and will underwrite risks in the U.S. high net worth segment. AIG said the move was a good fit with its existing Private Client Group (PCG) which is prominent in the ultra-high net worth segment, with an established distribution network.
AIG added: “The syndicate has undergone the normal scrutiny Lloyd’s applies to any potential new entrant to the market and has also benefitted from some of the framework improvements for new entrants being piloted as part of the Future at Lloyd’s Blueprint One, including a much-streamlined initial application-to-approval process of around four months.”
“AIG’s industry-recognised Private Client Group and its differentiated distribution network are highly compatible with Lloyd’s blueprint for innovation and sustained growth,” said Peter Zaffino, (pic) Chief Executive Officer, General Insurance, and Global Chief Operating Officer, AIG. “We look forward to working closely with Lloyd’s to bring Syndicate 2019 to market, and to delivering enhanced differentiation and value to the US high net worth customer base.”
The insurer added: “Syndicate 2019 will enable AIG PCG’s clients to benefit from additional products and holistic risk management solutions provided though the Lloyd’s market. It represents significant new business to the market, driving profitable growth for both Lloyd’s and AIG, and expanding the value proposition for U.S. high net worth customers.”
Lloyd’s Chief Executive Officer, John Neal, (below) said: “AIG Private Client Group is regarded as one of the flagship high net worth portfolios in the US, providing a bespoke underwriting and service proposition for its customers. We are delighted that AIG has made the strategic decision to partner with the Lloyd’s market to bring specialty niche business which wouldn’t otherwise naturally find its way into Lloyd’s. Syndicate 2019 is a significant endorsement of the Future at Lloyd’s and represents strong support for our vision to build the most advanced insurance marketplace in the world.”