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AIG
Insurer AIG plans to launch a new syndicate at international insurance group Lloyd’s which will cater for US high net worth clients, a media report said. 

Talbot Underwriting, the managing agency bought by AIG in 2018, will manage Syndicate 2019, with the insurer expecting its new venture to write up to $1 billion in gross written premiums, according to claimsmag.co.uk.

AIG’s syndicate has been scrutinized by Lloyds’, in the same way as any new entrant, and benefited from the improvements for such entrants being piloted by the Future at Lloyd’s Blueprint One, the report said. Syndicate 2019 will enable AIG’s wealthy clients to benefit from additional products and risk management solutions provided though the Lloyd’s market, it said.

The Lloyd’s network of syndicates is one of the oldest financial markets in the world. Since the early 1990s reforms in the UK following a series of heavy losses, Lloyd’s is now capitalized by large dedicated corporate members, only underwriting on their own managed syndicates and by third-party members, mostly spread across a wide range of syndicates. The vast majority of the latter are the Names. Corporate members were first introduced into Lloyd’s in 1994. Prior to that time, Lloyd’s was exclusively capitalized by third-party, unlimited liability members. In the late 1980s, the number of these unlimited liability members of Lloyd’s peaked at about 34,000.  (No new unlimited liability members have been permitted to enter the market since 2003.)