Blenheim Underwriting has received ‘approval in principle’ from Lloyd’s board to establish a new managing agency.
The organisation is currently planning to apply to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for the regulatory approvals.
Blenheim Underwriting, a fully owned subsidiary of White Bear Capital, is managed by Asta Managing Agency.
It focuses on specialty reinsurance, health insurances, direct and facultative (D&C) property, contingency and accident and property treaty.
Blenheim Underwriting director and White Bear chief executive Peter Scales said: “This is one of the principal stepping stones that we targeted in building a modern independent underwriting business based on our first class underwriting teams.
“It marks a further development in our ability to best serve clients and their brokers, as well as a wide variety of capital providers in the evolving Lloyd’s, wider insurance and capital markets.”
Launched in 2017, Blenheim Syndicate 5886 is stated to have a capacity of £250m for 2020.
It is funded by third party capital including private individuals and insurance-linked security (ILS) funds and trade capital.
The new managing agency is expected to enable Blenheim to strengthen its capacity through third-party capital providers.