Capita Managing Agency has been approved by Lloyd’s to manage a newly created run-off syndicate at Lloyd’s, 2255. The syndicate has assumed the management of the 2008 and prior years of Syndicate 1861 (formerly managed by Flagstone Syndicate Management Ltd). The claims and reinsurance activities for Syndicate 2255 will be outsourced to Resolute Management Ltd, part of the Berkshire Hathaway Group.
In addition, Capita Managing Agency has agreed to assume the reinsurance to close (RITC) of Syndicate 340, formerly managed by Travellers Syndicate Management Ltd, into Syndicate 2255. The claims and reinsurance recovery work will also be handled by Resolute Management Ltd.
‘I am pleased to announce that Capita Managing Agency has widened its activities further with its appointment as managing agent for Syndicate 2255,’ says Iain Bremner, CEO at Capita Managing Agency. ‘With the recent successful completion of our work to secure the RITC of run-off Syndicate 5500, these transactions further underline our abilities to manage both live and run-off syndicates.
‘Capita Managing Agency is well placed to help businesses that are seeking to establish new Lloyd’s syndicates in the future,’ adds Bremner. ‘The combination of our strong agency and access to the wider Capita Group services is a powerful one that we believe is attractive to potential new entrants to Lloyd’s.’