Vibe Syndicate Management is a Lloyd’s managing agent, the principal business within a multinational non-life insurance and reinsurance group. Vibe manages Syndicate 5678 at Lloyd’s.
Syndicate 5678 was established in 2007 and became one of the leading providers of legacy solutions through Reinsurance to Close (RITC) of open years. Today, the Syndicate underwrites a broad range of insurance and reinsurance business, including Accident & Health, Financial Institutions, Professional Indemnity, Accident & Health Treaty, Casualty Treaty, Property Treaty, Credit, Surety, Political Risk & Terrorism, North American Specialty Programs and Property Direct & Facultative.
The Group also includes a UK insurance company, Inceptum Insurance Company Limited, which is a leading provider of run-off insurance in the company market.
In addition to London, the Group operates in Puerto Rico, where it owns Syndicate Re A.I., an authorised reinsurance company.
The Group is owned principally by two investors, who together provide capital to the Vibe syndicate: Quantum Strategic Partners Ltd., a private investment vehicle managed by Soros Fund Management LLC, and Pine Brook Partners.
Vibe can trace its history back to 2007 with the formation of RITC Syndicate Management Limited by Soros Fund Management LLC and the private equity house, Pine Brook Partners.
RITC Syndicate Management Limited and Syndicate 5678 were established to meet a growing demand for capital efficient run-off solutions.
At Lloyd’s, underwriting years of account can only be closed by reinsuring the liabilities into another Lloyd’s syndicate or by transferring their liabilities to an authorised reinsurer (Part VII under the Financial Services and Markets Act). When the decision to form Syndicate 5678 was taken in 2007, there were 90 years of account that had not closed in the usual way at the end of 36 months. Gross reserves amounted to over £5 billion and thousands of Lloyd’s “Names” remained trapped on these open years. Today, almost all the open years have been closed by Syndicate 5678 and other syndicates operating in the Lloyd’s RITC market.
In 2011, the Group expanded into the UK company market with its acquisition of Inceptum Insurance Company Limited (formerly HSBC Insurance (UK) Limited), which consolidated the Group’s leading position in the run-off market.
In May 2014, RITC Syndicate Management Limited changed its name to Vibe Syndicate Management Limited to mark the next stage in the company’s history. In July 2014, Vibe received permission from Lloyd’s to begin underwriting live business as the Group plans to replicate the success of its legacy business by diversifying into new insurance and reinsurance markets.