MGU Carbon Underwriting Gets Initial Lloyd’s Approval to Launch New Syndicate

Carbon Underwriting Ltd., the London-based managing general underwriter and Lloyd’s syndicate CBN 4747, announced that Lloyd’s has granted in principle approval for the launch of Syndicate 5757, effective Jan. 1, 2025.

This marks a significant milestone for the company as it represents Carbon’s second syndicate at Lloyd’s, and further expands its territorial footprint to further its ambition to become a global lead in delegated authority business.

The new syndicate will focus solely on US program business, said Carbon.

Syndicate 5757 will be managed by Asta, the third-party managing agent at Lloyd’s, which was also responsible for the launch of CBN 4747, one of the first Lloyd’s syndicates-in-a-box (SIABs).

“We are thrilled to receive ‘in-principle’ approval from Lloyd’s for Syndicate 5757. This is a significant development to our offering as we look to access the expansive US program market,” commented Carbon Founder and CEO Nick Tye in a statement.

“The US market’s size and scale is incredibly exciting, and our data-driven approach positions us as market leaders for portfolio underwriting in this territory,” he added.

Lorraine Harfitt, Asta CEO, added: “Carbon’s latest success highlights the strength of Asta’s partnership approach, not just in launching new underwriting businesses, but also in our commitment to supporting our clients’ strategic growth initiatives.”

Launched in 2018, Carbon Underwriting said, it uses “an open underwriting model where data drives improved underwriting performance creating superior analysis and fluidity of portfolio management.” This is administered through the company’s in-house technology platform, Graphene.

Source: Carbon Underwriting