Volante receives agreement in principle from Lloyd’s to launch syndicate managed by Asta

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THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

Volante Capital Holdings (Bermuda) Ltd., the international platform of multi-class general management agencies, has received approval in principle from Lloyd’s to launch Syndicate 1699 for the 2022 account year, with an initial capacity of £ 130 million ($ 177.4 million).

The union will bring business to Lloyd’s through Volante’s existing international network of nine local service companies, which will underwrite in eight categories on five continents. Volante’s MGA teams will continue to underwrite business separately using third-party capacity binders.

Volante, majority-owned by Nephila Holdings Ltd., will be managed by Asta Managing Agency Ltd.

“We are looking to create a new type of Lloyd’s international vehicle within the Volante Group, which upholds Lloyd’s standards and top quartile underwriting performance,” said Talbir Bains, Founder and CEO of Volante Global. “Our ambition is to establish a fully aligned partnership between Lloyd’s and our existing local underwriting offices, which will be re-established as service companies for Volante Syndicate 1699.”

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Volante said its future growth will be driven by the expansion of existing portfolios and through teams delivering products and services to niche and specialty market sectors supported by new cloud-based digital platforms offering a fast and efficient access to brokers, improved portfolio management and minimized operating costs. .

“Our parallel syndicate and MGA entities, each supported by the world’s leading venture capital providers, will form a unique organization in the Lloyd’s and London market, one proven to deliver market-leading underwriting profitability,” Bains said.

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“In less than four years, thanks to the sponsorship of our strategic carrier partners, we have delivered a transformational MGA to the market,” he added. “We are now looking to continue development with the creation of an international syndicate at Lloyd’s, and we are very privileged to partner with Asta in this evolution of the Volante Group. We would like to thank Guy Carpenter’s team, our advisors in the process.

“As an MGA company, Volante has been an exceptional player, based on its refreshing and entirely different business model. When they came to us for advice on forming a Lloyd’s Syndicate, we immediately saw how their approach and goals would be beneficial for the market, for capital providers and, with Volante’s innovative products and reliable commission structure, also for distribution partners, ”commented Asta CEO Julian Tighe.

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Asta Managing Agency is the principal third-party managing agent at Lloyd’s and is responsible for 11 syndicates, three SPAs and three MGAs with a capacity under management in 2021 of more than £ 1.4bn ($ 1.9bn).

Source: Volante Global

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