Vibe Syndicate Management has received approval from Lloyd’s to write live business from 1st July. Vibe is the new name for RITC Syndicate Management, the Lloyd’s legacy business owned by Syndicate Re that is in turn backed by George Soros and private equity house Pine Brook Partners.
Dinah Gately, who reports to group CEO Nigel Rogers, will continue as CEO of the enlarged London business. Alterra alumnus Bradley Knight has joined the management team as active underwriter.
The Boards of the London companies have been strengthened by the appointment of Tim Leggett (formerly Tim led the EY practice that focused on insurance and reinsurance companies operating in the London & Bermuda Insurance Markets) and Peter Flamank (formerly partner at PWC) as Chairman of the Audit Committee.
Syndicate 5678 will initially write a financial institutions, professional indemnity and property treaty account.
Vibe, the fourth new underwriting vehicle at Lloyd’s this year, is the first business to commence underwriting operations on Lime Street without the help of a third-party managing agency since Chubb in July 2010.
Rogers, the former CEO of Terra Nova, said: “While the managing agent and syndicate were formed initially to help deal with the very real problem Lloyd’s faced at the time caused by the large number of unnaturally open years, which trapped thousands of Names and billions of pounds, it was always our intention to broaden the scope of our business by forming or acquiring a live underwriting operation.”
He said that the availability of a disciplined underwriter like Knight and the need to diversify from purely reinsurance to close (RITC) business had prompted the move.
“We are fortunate in that our capital providers, Soros and Pine Brook, are incredibly supportive of this initiative, which will take some time to develop, and are committed for the long haul,” he continued.
“Although we have access to significant amounts of capital, it is our intention to start modestly and work with Lloyd’s over the months and years ahead to develop a meaningful account that is genuinely positive and accretive to the market.”