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Beazley 623 eyes 26% 2022 pre-emption for cross-class growth


Beazley Syndicate 623 is planning to increase its stamp capacity by 26% in 2022 to £650.3mn ($894mn) as the business targets growth in catastrophe classes and financial lines.

Argenta 2121 is also planning a 16.67% pre-emption for 2022, Blenheim 5886 a 10.77% pre-emption and QBE a 10% pre-emption, according to a Hampden bulletin seen by this publication.

The planned pre-emptions, which require the approval of Members and Lloyd’s, provide an early indication of the intentions of syndicates to expand into favourable market conditions.

Last year, stamp growth in Lloyd’s was limited to top-performing syndicates in the upper two quartiles, as the Corporation continued to curb growth for businesses showing poor underwriting returns.

Beazley 623 sees material opportunities for growth across its portfolio, with positive market conditions expected to continue throughout 2021 and into 2022.

The business is looking to grow its exposure in catastrophe classes and intends to maximise its opportunities to write D&O and financial institutions risks, which saw substantial hardening throughout 2020.

2021 stamp capacity growth quartile december 2020 for ID 11 JAN.jpg

Argenta 2121 proposes to increase its stamp capacity from £600mn to £700mn in 2022 to account for new business opportunities it has identified, as well as rate changes expected across classes.

QBE 386 plans to raise its stamp capacity from £333mn to £366.3mn in 2022 to facilitate rate-driven growth.

It envisages no material change to its underwriting risk appetite or philosophy for any class of business.

Blenheim 5886 is looking to up its stamp capacity from £325mn to £360mn, citing the “buoyant marketplace” of 2021, with favourable trading conditions expected to continue into 2022.

The syndicate is approaching maturity in property direct and facultative and property treaty classes and looking to substantially increase them in 2022.

In addition, it plans to grow in accident and health and specialty reinsurance, as well as build out a new political risk book.

Argenta, Beazley and Blenheim have been approached for comment, while QBE declined to comment.

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