Agile Syndicate 2427 Gets Lloyd’s Approval to Begin Underwriting

Agile Underwriting Services has received approval from Lloyd’s to commence underwriting in May.

Agile Underwriting Services Syndicate 2427 (AUS 2427) will be focused primarily on Australia and New Zealand and writing accident and health, aviation, casualty, construction, financial lines, and property business.

Agile, the Sydney-based Lloyd’s coverholder and insurtech that has been underwriting since 2015, first announced in March 2024 that it had received “in-principle” approval from Lloyd’s to launch a syndicate.

AUS 2427 is established under the Lloyd’s “syndicate-in-a-box” (SIAB) framework and is managed by Asta, the leading third-party managing agent at Lloyd’s.

Agile Underwriting Services has a significant presence across the east coast of Australia with teams in New South Wales, Victoria and Queensland. AUS 2427 takes advantage of this existing infrastructure with Agile’s underwriting team now representing AUS 2427 alongside its extensive panel of Lloyd’s syndicates and company insurers, said the company.

Digital Distribution Platform

Agile said its broker and third-party MGA partners are supported via traditional underwriting and with its digital distribution platform, “Powered By Agile.”

The Powered By Agile platform is designed to enable brokers to grow a highly efficient digital business and through it Agile’s broker network enjoys direct access to the capacity to place niche risks and automate the management of schemes and affinity business.

“This important final step allows Agile to bring new capacity solutions to its partners, stabilising access in areas that have proven to be profitable across the cycle,” commented Robin Barham, CEO of Agile, in a media statement.

“Our digital distribution hugely improves the speed of access for simple risks, and by having our class of business leaders based locally, there is no overseas referral chain on complex risks,” Barham said. “Our brokers already know the underwriting team and we enjoy deep relationships with our key partners – we look forward to bringing them the benefits of this new vehicle.”

“Agile’s proposition combines multiple elements that are attractive to the Lloyd’s market – APAC, innovation and the SIAB model – and the business sits perfectly within Asta’s third-party management capabilities,” according to Lorraine Harfitt, CEO of Asta. Asta Managing Agency is responsible for 11 syndicates, six SIABs and one special purpose arrangement (SPA), with capacity under management in 2024 of more than £2.5 billion (US$3.1 billion).

AUS 2427 is led by Mark Hunt as active underwriter. Hunt has 40 years of underwriting experience, having commenced his career at QBE’s Syndicate 386 before moving to help establish Syndicate 1156, as well as performing the role of deputy active underwriter of Syndicate 2525 for nine years. More recently, he held senior underwriting management roles at Zurich Australia across all classes and segments.

AUS 2427 benefits from the Lloyd’s chain of security, its network of licensed territories, and the market’s ratings, which are “A+” (Strong) stable outlook with Standard & Poor’s; “A” (Excellent) positive outlook with AM Best; “AA-” (Very Strong) with Fitch Ratings, and “AA-” (Very Strong) with Kroll Bond Rating Agency, Agile said.

AUS 2427 anticipates writing £34.1 million (US$42.7 million) of gross written premium for the 2024 year of account, increasing to £62.1 million (US$77.8 million) for the 2026 year of account.

Source: Agile Underwriting Services

Topics
Excess Surplus
Underwriting
Lloyd’s