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Heritage to merge syndicates; Tweedie departs

Lloyd’s insurer Heritage Managing Agency Ltd is planning to merge two of its syndicates into one, larger unit headed by veteran Lloyd’s underwriter Les Rock.

Heritage has applied to Lloyd’s and the Financial Services Authority to merge its Syndicate 1245, effectively headed by Justin Tweedie, into Les Rock’s Syndicate 1200 for the 2005 underwriting year. Tweedie has subsequently tendered his resignation from the group.

On 2004 figures, the combined Syndicate 1200 will have capacity of £157mn although, according to Heritage’s managing director Richard Pexton, this may decrease slightly next year to £140mn-£150mn.

Pexton told Insider Week: “There are benefits from economies of scale as the merged syndicate will share two-thirds of the same risk codes.” He also explained that the merger explains a shift towards property biased risks in which Les Rock specialises. Tweedie’s Syndicate 1245, on the other hand, has traditionally had a greater casualty focus.

Heritage will, however, continue to operate the £52mn UK professional indemnity Syndicate 3245, underwritten by Mark Lawrence, separately. Spun-out of Syndicate 1245 last July, the syndicate was one of a number of recent Lloyd’s start-ups which addressed the capacity crunch for UK liability. 

Pexton, the former Cox insurance director, joined Heritage last year when he replaced Martin Gray. 

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