Capita and Istmo receive ‘in principle’ approval for a new Lloyd's syndicate

10 June 2015

Capita Managing Agency and Istmo Re announce that they have received 'in principle' approval from Lloyd's Franchise Board to establish a new Lloyd's syndicate under the management of Capita. The syndicate will have respected industry leader, Ash Bathia, as the active underwriter. Istmo Re has been operating as a reinsurer and insurer throughout the Latin American market for 35 years and brings significant distribution opportunities in that market to the syndicate.

The other members of the syndicate’s founding team are former Ascot executive Jon Foley and former Marsh executive, Nick Bacon.

With ‘in principle’ approval in place, we will continue to work closely with Lloyd’s to secure full approval.

Iain Bremner, chief executive officer, Capita Managing Agency said:

“Capita is delighted to be working with Ash Bathia and his team and Istmo Re. The decision to progress this new business demonstrates just how attractive Lloyd’s remains as an underwriting platform and I’m pleased that Capita has been chosen to establish and manage the syndicate.”

Ash Bathia commented:

"We are genuinely excited about the opportunity to represent the Lloyd's market and particularly in the emerging growth markets in line with Lloyd's 2025 Vision. We are very much looking forward to working with Capita and our cornerstone investor Istmo Re to harness and deliver genuinely new and accretive opportunities to our syndicate and more broadly to Lloyd's."

Ramon Fernandez Q; Chairman and President, Istmo Re said:

“We are delighted to be able to offer capital and distribution support to the new syndicate under the leadership of an experienced and successful leader in Ash Bathia.  The syndicate will enable us to provide strong capacity to our existing clients and to numerous others that we have identified."

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