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ProSight Receives Final Authorisation to Launch New Managing Agency at Lloyd’s
ProSight Specialty Insurance (‘ProSight’) announced today that it has received final authorisation from Lloyd’s, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for its own Lloyd’s managing agent, ProSight Specialty Managing Agency Limited, effective February 26, 2015, to manage ProSight’s Syndicate 1110 at Lloyd’s.
Joe Beneducci, President and CEO of ProSight Specialty Insurance, said, “The creation of a fully integrated Lloyd’s vehicle for ProSight demonstrates our global credentials in partnership with Lloyd’s and extends our ability to seamlessly deliver our unique business model of customized insurance solutions to the global market.”
Bernard Mageean, Managing Director of ProSight Specialty Underwriters Ltd., added, “The authorisation provides further evidence and recognition of our progress in what has already been a significant year of growth and development for the Syndicate. We have built a highly committed and experienced team who are quickly gaining a reputation for speed of execution by successfully applying their expertise to create tailored propositions for both new and existing clients.”
About ProSight Specialty Underwriters Ltd.
ProSight Specialty Underwriters Ltd. is the international arm of ProSight Specialty Insurance, a leading provider of differentiated insurance solutions for niche markets though specialist distributors who have a deep understanding of their customers. ProSight owns the capacity rights of Lloyd’s underwriting Syndicate 1110, which carries the financial strength ratings of Lloyd’s: A+ (Standard and Poor’s), AA- (Fitch) and A (A.M. Best). In 2015, Syndicate 1110 has an underwriting capacity of £210 million.