Specialist re/insurer Beazley has secured ‘in principle’ clearance from Lloyd’s to convert its Smart Tracker Special Purpose Arrangement (SPA) 5623 to a full market-facing syndicate. 

From January 2023, Syndicate 5623 will be able to underwrite Beazley’s Smart Tracker business. 

The transition awaits final nod and Lloyd’s agreement of the Syndicate business plan. 

Beazley, which launched the Smart Tracker in 2018, claimed that its unit has delivered profits for all closed years of account to date. 

The unit works on a lower cost ‘follow’ model and engages in London market broker facilities, line slips and consortia business. 

Under the current arrangement, Beazley Syndicate 3623 accepts this business, which is then reinsured to third-party capital-backed SPA 5623. 

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Beazley CEO Adrian Cox said: “The Beazley Smart Tracker’s innovative ‘follow’ model, is designed with operational efficiency and rigorous underwriting at its core, reducing the traditional duplication of costs and improving efficiency for brokers and clients.

“Its success demonstrates broker, client and third-party investor support of this new underwriting approach, which I’m delighted has been recognised by Lloyd’s support of our plan to transition the Smart Tracker from an SPA into a full syndicate from next year.”

Earlier this year, the UK-based insurer launched new Directors’ & Officers’ liability (D&O) insurance offering for crypto firms.

This offering, which Beazley claimed to have developed after four years of research, provides coverage of up to $10m.