Asta
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Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous. -
The new carrier will be backed by Ariel Re owner Pelican Ventures and aims to write $50mn GWP in 2023.
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The launch will allow the Lloyd’s market to access a greater proportion of Acrisure’s $32bn managed premium.
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The legacy carrier had already been engaging with managing agents ahead of the launch to scope out the opportunity for a starter RITC deal.
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As a full syndicate, Carbon Underwriting predicts it will bring a gross written premium of £135mn ($155mn).
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The syndicate-in-a-box (SIAB) will operate via the Lloyd’s platform at the Dubai International Financial Centre (DIFC).
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As a Lloyd’s-registered coverholder, ARTes will initially focus on underwriting a US inland marine specialty book with an estimated $20mn capacity.
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The new recruit replaces Jon Poole who left in September for Ariel Re.
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Asta’s Julian Tighe and Simon Norton will remain in post after the transaction.
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Insurance Insider first reported in March that Asta had been put up for sale by its backers.
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It is understood that the firm serves a number of major oil and gas clients.
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The Asta-backed SPA will transition to a full syndicate from January 2022.
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