Following Lloyd’s approval, specialist Lloyd’s insurer Jubilee Managing Agency Limited (Jubilee) has merged its motor Syndicate 1231 and property and personal lines Syndicate 5820 for the 2010 year of account.
The merger will enable Jubilee to streamline its operational platform, provide capital efficiency and create a flexible operating structure that can accommodate the introduction of other new business lines.
The combined larger Syndicate 5820 – Jubilee Managing Agency – will have an overall stamp capacity for 2010 of £138.9 million, an increase of £18.8m over the combined capacity of the two separate Syndicates in 2009.
The combined Syndicate 5820 will be led by Active Underwriter Chris Biles who was previously Active Underwriter on the former property and personal lines Syndicate.
Commenting on the launch of the merged Syndicate 5820, Andreas Loucaides, Chief Executive Officer of Jubilee said: “As a result of the Syndicate merger, Jubilee is now in an excellent position to continue its growth plans.”
Norman Topche, Director of Underwriting at Jubilee, said: “This is another important step towards delivering on our expansion strategy. The merger will enable us to employ our capacity flexibly to enable the introduction of new business classes”
Kate Lewis, Group Finance and Operations Director of Jubilee Managing Agency commented: “By utilising greater operational efficiencies, we are evolving our business towards a service orientated multi-line insurer.”
Jubilee’s life Syndicate 779, which has a capacity of £27m for 2010, will continue to be managed separately by the managing agency as it is not possible to merge a life Syndicate with another class of business.
