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Carbon Underwriting, a managing general underwriter, has received in-principle approval from Lloyd’s for the launch of Syndicate 5757.
The new syndicate is set to commence operations on 1 January 2025.
Carbon calls this development a “significant milestone” as it establishes its second syndicate within the Lloyd’s market, expands its footprint and bolsters its position in the delegated authority business globally.
Syndicate 5757 will be a technology-driven entity, centred around Carbon’s proprietary Graphene ecosystem.
The new syndicate’s primary focus will be on the US programme business, aiming to utilise its technological capabilities to drive innovation and offer high-quality underwriting services.
This syndicate will be managed by Asta, a third-party managing agent at Lloyd’s, which also facilitated the launch of Carbon’s first syndicate-in-a-box, CBN 4747.
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By GlobalDataCarbon founder and CEO Nick Tye said: “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 programme market.
“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. We can evidence that superior data drives superior insights, and we look forward to continuing to achieve market-leading underwriting results for both ourselves and our partners as we continue to grow.”
Asta CEO Lorraine Harfitt said: “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.
“This approval of Syndicate 5757 as Carbon’s second syndicate at Lloyd’s is a testament to the Carbon team’s innovative vision.”
Carbon’s move to expand with Syndicate 5757 follows an undisclosed investment from Apiary Capital, a UK-based private equity company, in July 2023.