Marsh-owned specialty managing general underwriter (MGU) Victor Insurance Holdings, previously known as the Schinnerer Group, is launching a third-party capitalised syndicate at Lloyd’s, which will give capital partners a way to access the returns of business underwritten by the firm.
Victor is already well-known in the alternative reinsurance capital space, having established Alternus, the commercial property facility arrangement, alongside Marsh and the world’s largest ILS fund manager Nephila Capital, and having also more recently acquired catastrophe focused underwriting manager ICAT (International Catastrophe Insurance Managers LLC) from the Paraline Group.
Victor Syndicate 2288 has been approved by Lloyd’s to begin underwriting in the insurance and reinsurance market from January 1st 2020, with stamp capacity of £57 million that will support a business plan of US $100 million.
The idea is that the syndicate will support Victor’s underwriting of property and casualty (P&C) business in the US, UK, Italy, and the Netherlands, while enabling the capital partners that back it to participate in risks underwritten by Victor across its underwriting hubs in Boulder, Colorado, US; London, UK; Rotterdam, Netherlands; and Milan, Italy.
“We have extensive history with Lloyd’s as a coverholder and are delighted to broaden our strategic relationship with such a vital market. Lloyd’s digital-forward approach aligns well with Victor’s digital innovation and our international expansion plans,” explained Anthony Stevens, President, Victor International.
In the United States, Victor’s new syndicate will also provide a level of ongoing capacity support to serve the needs of small commercial properties in catastrophe-exposed areas, the company said.
Brian Hanuschak, President, Victor North America, explained, “The Victor syndicate will enable us to respond to the needs of underserved clients in catastrophe-exposed areas of the US through our subsidiary, ICAT. Under the Lloyd’s banner, we are well positioned to serve the needs of our policyholders and our network of independent agents and brokers.”
Jill Frances has been appointed as the Active Underwriter for Victor Syndicate 2288 and she will also assume the role of Chief Underwriting and Operations Officer for Victor International.
Frances reports to Anthony Stevens and relocated to London on December 1st this year. She was previously a Managing Director for Victor US and has more than 20 years of experience in specialty underwriting, most recently running their professional liability division.
Kevin Collins will take on the role of executive leader for the Architects and Engineers division at Victor US. He has 30 years of experience with Victor and the A&E program. Zach Vollmer will remain in position as Victor’s leader of the US Real Estate Program.
Supporting Victor with the launch of its syndicate at Lloyd’s is Asta, who will be the managing agent, providing underwriting oversight and operational support to Victor Syndicate 2288.
Julian Tighe, CEO of Asta, said, “This is our second launch at Lloyd’s this year, and we look forward to working with Jill and her team as they re-position their business for future growth under the Lloyd’s franchise.”
Capital is a key strategic pillar for Victor and the company works with a range of traditional and alternative insurance or reinsurance capital providers, to serve its clients.
The syndicate, being third-party capitalised, provides an opportunity for partners to access a broad set of risks from Victor’s platforms and while not being an ILS investment in structure, it may still attract similar kinds of capital providers to support it.