Medical liability MGA MCI given green light for Lloyd’s SIAB
Specialist liability MGA Medical & Commercial International (MCI) has received in-principle approval from Lloyd’s to launch a syndicate in a box (SIAB) to start underwriting on 1 January next year.
Syndicate 1902 will write year-one gross written premium of £45mn ($62mn) and will be managed by Asta, which was instrumental in drawing up the SIAB framework with Lloyd’s.
It is the second approved SIAB Asta has brought to Lloyd’s, the first being MGU Carbon Underwriting. The third-party managing agent is also establishing a track record of using the Lloyd’s syndicate structure to launch licensed capacity vehicles for MGAs at Lloyd’s, having also established a £100mn-premium syndicate for CFC Underwriting in time for 1 July.
MCI provides liability risk solutions to the scientific and commercial sector. In September 2020 it executed a management buy-out from its previous parent company.
The new syndicate will sit alongside MCI’s existing capacity arrangements, which are provided via consortia.
The company said it would continue to write its existing core medical and commercial liability classes as well as launching several new products with “scientific and research-driven underwriting characteristics”.
According to its website, MCI currently writes general liability, clinical trials liability, medical malpractice, medical device liability and pharmaceutical liability insurance.
MCI CEO Phil Trafford, who established the firm in 2014, will be active underwriter for Syndicate 1902. He will be supported by product leaders including Daniel Starmer, James Banks and Anthony Wright.
Trafford said: “The vision for Syndicate 1902 is to create a global leader in science and research-led risk transfer with superior returns in evolving risk classes. The flexible and cost-effective SIAB platform made it possible for MCI not only to establish a credible risk bearing vehicle but also to enhance our current product offerings.”
Asta CEO Julian Tighe added: “We are proud to unveil our latest SIAB which further reinforces our ability to provide a flexible and swift route to market for aspiring new entrants to Lloyd’s.
“MCI syndicate 1902 embodies innovation in terms of its product, distribution, and approach to technology and we are delighted to work with the MCI team and look forward to seeing the positive impact its business will have in Lloyd’s.”
MCI was advised on the SIAB application by Ben Canagaretna from Acrisure Re. MCI legal advice was provided by Slaughter and May.
Asta is now responsible for 11 syndicates, three SPAs and three MGAs with capacity under management in 2021 of more than £1.4bn.