Specialty insurance underwriter CFC has secured the in-principle clearance from Lloyd’s of London to set up CFC Syndicate 1988.
The new syndicate will be managed by Asta Managing Agency. Both companies are working to get final nod for beginning underwriting business on 1 July 2021.
The syndicate will write a cross-section of CFC’s portfolio of specialist, emerging and digital economy risks with planned gross premium of over £100m for its first year of trading, CFC said.
CFC and third-party capital-providers will provide the capital for CFC Syndicate 1988.
Commenting on the development, CFC founder and CEO Dave Walsh said: “A CFC syndicate supports our ambitious, technology-driven roadmap by bringing new capital to the table and offering access to licensing and resources that only Lloyd’s can provide.
“We’re excited to broaden our partnership with Lloyd’s and look forward to supporting the Future at Lloyd’s vision.”
Asta CEO Julian Tighe added: “We’re proud to partner with CFC to bring Syndicate 1988 to the market. Their ethos, strategy and focus on technology embodies the spirit of the Lloyd’s blueprint initiatives and is testament to our continued success in bringing innovation and modernisation to the market.”
CFC is looking to bring its automated underwriting portfolio to a broad range of potential capital providers with the establishment of Syndicate 1988.
The syndicate will bring emerging and digital economy risks, which is CFC’s focus area, into the Lloyd’s market.
Lloyd’s CEO John Neal said: “We are delighted to welcome CFC as a new entrant to the market and are confident their innovative new platform can make a positive contribution to our Future at Lloyd’s ambitions.”
Last May, CFC rolled out a new cyber incident response app to help policyholders instantly notify claims using the app.
In January last year, CFC acquired UK-based insurance technology firm ThreatInformer for an undisclosed sum.