Specialty insurer CFC has opened its new Lloyd’s syndicate for trading that will break the mould and not have a traditional underwriting box.
CFC said the “futuristic” Syndicate 1988, which was established in less than six months with the process conducted virtually, will use technology to lower the costs and resources of operating a traditional syndicate.
Matt Taylor has been named active underwriter and the syndicate will be managed by Asta Managing Agency.
CFC said the syndicate is backed by its own risk capital but also third-party capital support brokered by Aon Capital Advisory. The new investments come from backers including a pension fund, an ILS manager and reinsurers in Bermuda, Cayman and Japan.
Syndicate 1988 will write about 20% of CFC’s portfolio, which is focused on cyber and other emerging risks, and generate about £100m in gross premiums.
CFC first announced plans to launch the new syndicate in April this year, after it received in-principle approval from Lloyd’s. The syndicate has begun trading ahead of its original timeline to be open for 1 July.
“A CFC syndicate supports our ambitious, technology-driven roadmap by bringing new capital to the table and offering access to licensing and resources that only Lloyd’s can provide,” said Dave Walsh, CFC founder and CEO.