Specialist insurance provider with a focus on emerging risk and cyber, CFC, has received ‘in principal’ approval from Lloyd’s of London for the establishment of CFC Syndicate 1988 with the backing of third-party capital.
Managed by Asta Managing Agency Ltd, the new syndicate will underwrite a cross-section of CFC’s established portfolio of specialist, emerging and digital economy risks with planned gross premiums of more than £100 million for its first year of trading.
CFC will work alongside Asta to secure final approval for Syndicate 1988 to commence underwriting business from July 1st, 2021.
Capital will be provided by both CFC and providers of third-party, or alternative capital.
Dave Walsh, CFC founder and Chief Executive Officer (CEO), commented: “A CFC syndicate supports our ambitious, technology-driven roadmap by bringing new capital to the table and offering access to licensing and resources that only Lloyd’s can provide.
“We’re excited to broaden our partnership with Lloyd’s and look forward to supporting the Future at Lloyd’s vision.”
For CFC, the creation of the syndicate is an exciting step in its growth, and furthers the company’s ambition to bring its low volatility, low limit and highly automated underwriting portfolio to a broader range of potential capital providers, while enabling the firm to share in the greater proportion of its own underwriting.
The main focus of Syndicate 1988 will be emerging and digital economy risks, which CFC regards as an area of high structural growth.
Through the syndicate, these attractive classes of business will be brought into the Lloyd’s market, providing third-party capital providers with increased diversification.
Additionally, the new syndicate will also benefit from CFC’s global insurance platform, which leverages advanced technology and data science to ensure smarter and faster underwriting.
John Neal, Chief Executive Officer (CEO) of Lloyd’s, commented, “We are delighted to welcome CFC as a new entrant to the market and are confident their innovative new platform can make a positive contribution to our Future at Lloyd’s ambitions.”
Julian Tighe, Asta CEO, added, “We’re proud to partner with CFC to bring Syndicate 1988 to the market. Their ethos, strategy and focus on technology embodies the spirit of the Lloyd’s blueprint initiatives and is testament to our continued success in bringing innovation and modernisation to the market.”