Clyde & Co advised Capita Managing Agency Ltd, part of the Capita Group plc, on their approval from Lloyd’s to manage live syndicates, the first of which will commence underwriting on June 30th, 2010.
Iain Bremner, Chief Executive Officer of Capita Managing Agency, said: “We are delighted to have gained Lloyd’s approval. The combination of our strong agency and access to back office support, via the wider Capita Group, is a powerful one that we believe will prove attractive to potential new entrants to Lloyd’s.”
Mark Williamson, a partner in the Corporate Insurance group at Clyde & Co LLP, who advised on the deal, says: “We are delighted to have assisted Capita on this assignment. It is a significant development for the market in a number of ways. New turnkey operators are seen as key by Lloyd's to their plans for further sustained growth of the market. They want new businesses to be supported by experienced managing agencies – so the entrance of Capita into this space will be welcomed.
“The fact that two new businesses have announced the opening of syndicates at Lloyd’s in the last week is yet more evidence that the platform remains an attractive proposition. This is likely to be an ongoing trend, with new entrants looking to be in position to take advantage of any upturn in the market.”
The UK Corporate Insurance team of Clyde & Co was led by Mark Williamson, supported by Gary Parnell and Katie Lamb.