Vibe Syndicate Management Limited (“Vibe”) is a Lloyd’s managing agent and 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.
In 2014, the Syndicate began underwriting a broad range of insurance and reinsurance business, which grew to include: Accident & Health, Financial Institutions, Professional Indemnity, Casualty Treaty, Property Treaty, Specialty Treaty (Credit, Surety, Political Risk & Terrorism) and North American Specialty Programs.
In November 2019, the board of Vibe announced that, effective 31 December 2019, Syndicate 5678 at Lloyd’s would be placed into a planned runoff.
In May 2021 Vibe was acquired by Randall & Quilter Investment Holdings Ltd. (“R&Q”).
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) (“Inceptum”), 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.
In November 2019, the board of VIBE Syndicate Management announced that, effective 31 December 2019, Syndicate 5678 at Lloyd’s would be placed into a planned runoff.
In August 2020 R&Q acquired Inceptum and followed this with the acquisition of Vibe in May 2021.