Peter Scales' start-up is not without its detractors, and this publication published an opinion piece last week exploring the question of what value a new start-up can add to the market at this stage of the cycle without a transfer book.
That piece presented a number of perspectives which were circling in the market, but it missed something crucial.
Blenheim will be a dedicated Lloyd's (re)insurer. Something which is an increasingly rare phenomenon.
As Lloyd's businesses like Catlin and Amlin have been taken out by global insurers, and Bermudians like Axis and Everest Re have launched new syndicates, a Lloyd's platform has increasingly become just one part of a multi-pillar approach to sourcing risk.
A number of major London market players are already agnostic as to whether they write a piece of business on their Lloyd's or company market platform; others have the same approach globally with operations in the US, Bermuda and Singapore.
When Lloyd's forms only a part of the operations of a global (re)insurance group, the attitude towards the market and the level of commitment towards its future is inevitably different - more detached, less diehard.
If Lloyd's were to go into secular decline, the threat to the likes of Chubb and Liberty Mutual would scarcely register given their global reach and multiple distribution channels.
Blenheim meanwhile - like Novae, Ark and Managing Agency Partners - will be a Lloyd's-only business. It will hold all of its capital in Lloyd's and write all its business via Syndicate 5886.
It will flourish or founder with Lloyd's. And, as a result, it is likely to demonstrate a commitment to privileging the long-term interests of the market that would not make sense to a global carrier.
Arguments can be made about the value of fostering entrepreneurial businesses in the market or Scales' historic success in drawing new business into London, but the Corporation's need to have carriers that only trade at No. 1 Lime Street is the strongest argument for Blenheim's approval.
