December 13, 2019
Victor Insurance Holdings, the world’s largest managing general underwriter (MGU), today announced approval from Lloyd’s, the specialist insurance market, to establish Victor Syndicate 2288 and commence underwriting effective January 1, 2020 with stamp capacity of £57m, supporting a business plan of $100m USD.
Asta will be the managing agent for the new syndicate, providing underwriting oversight and operational support. Victor Syndicate 2288 will support Victor’s underwriting of property and casualty (P&C) business in the US, UK, Italy, and the Netherlands. The syndicate will also provide opportunities for capital partners to participate in risks underwritten by its underwriting hubs in Boulder, Colorado, US; London, UK; Rotterdam, Netherlands; and Milan, Italy.
“We have extensive history with Lloyd’s as a coverholder and are delighted to broaden our strategic relationship with such a vital market. Lloyd’s digital-forward approach aligns well with Victor’s digital innovation and our international expansion plans,” said Anthony Stevens, President, Victor International.
In the US, the syndicate will provide ongoing support to serve the needs of small commercial properties in catastrophe-exposed areas.
“The Victor syndicate will enable us to respond to the needs of underserved clients in catastrophe-exposed areas of the US through our subsidiary, ICAT. Under the Lloyd’s banner, we are well positioned to serve the needs of our policyholders and our network of independent agents and brokers.” commented Brian Hanuschak, President, Victor North America.
The Active Underwriter for Victor Syndicate 2288 will be Jill Frances, who will also assume the role of Chief Underwriting and Operations Officer for Victor International. Ms. Frances will report to Mr. Stevens and relocate to London on December 1 this year.
Ms. Frances was formerly Managing Director for Victor US and brings over 20 years of experience in specialty underwriting, recently running their professional liability division. Kevin Collins will become executive leader of the Architects and Engineers division at Victor US. Kevin has 30 years of experience with Victor and the A&E program. Zach Vollmer will remain the leader of the Real Estate Program.
Julian Tighe, CEO of Asta, said: “This is our second launch at Lloyd’s this year, and we look forward to working with Jill and her team as they re-position their business for future growth under the Lloyd’s franchise.”
Press Release initially posted on www.victorinsurance.com
ICAT was founded in 1998 with the goal of helping homeowners and business owners in hurricane- and earthquake-prone regions of the United States recover from natural disasters. Business is produced in partnership with select retail agents and wholesale brokers.
The company underwrites on behalf of strong carrier partners and Syndicates at Lloyd’s of London. Boulder Claims, a subsidiary of ICAT, has successfully managed more than 23,000 catastrophe claims since its founding in 2005, including those from Hurricanes Charley, Frances, Katrina, Isaac, Sandy, Harvey, Irma. Florence and Michael.
Victor Insurance Holdings, formerly known as The Schinnerer Group, is the world’s largest managing general underwriter with locations in the US, Canada, UK, Netherlands, Germany, Italy and Australia. It handles more than $1.5 billion in premium on behalf of numerous insurance carriers, through a large network of more than 25,000 active insurance agents and brokers. With deep, specialized underwriting expertise, the company provides a wide range of insurance coverage – from specialty property and casualty and professional liability insurance to group and retiree benefits. Victor Insurance is committed to building on 60-plus years of experience to develop products that address risk in new and evolving areas.