Lloyd’s

Stamp capacity for the “beta” syndicate is set to climb by 42% to £204mn.

The Corporation’s CEO also warned that the increasing use of captives was “dangerous” for clients.

The syndicate writes most of its premium in US dollars, and the approved plan will see a 9% GWP uplift on a like-for-like basis.

Lloyd’s also highlighted its desire not to become the “market of last resort” for carbon-intensive companies.

The carrier will continue to write the business from Bermuda and the US.

Syndicate 4321 will operate as a consortium led by Syndicates 623 and 2623, providing capacity for companies that meet ESG criteria.

Marco’s launch marks the latest RITC syndicate to set up at Lloyd’s, following Compre’s move to establish a vehicle under an Apollo turnkey at the beginning of the year.

Figures from the International Underwriting Association’s most recent report shed some light on the movement.

Global insurance firms’ efforts to help clients cut carbon emissions are detailed in the report.

Analysis of financial data shows that the last decade has seen a marked increase in the proportion of premiums ceded by carriers in all sectors.

The Lloyd’s investment vehicle had raised £53mn in March to invest in further acquisitions of Nameco capacity.

Mark Cooper has been appointed as head of its UK branch, David Jackson as senior underwriting manager, and Kirstie Keate as underwriting manager.