Lloyd’s boosts capacity in Canada/U.S

Lloyd’s of London has risen its 2001 writing capacity by 10% over last year to US$16.6 billion. This is the largest year-on-year increase the market has seen since 1993/4, according to a media statement. “The growth in Lloyd’s capacity indicates growing confidence in the market’s performance, and clear evidence of hardening rates in many lines of business.”

Three new syndicates were also approved by Lloyd’s and will begin trading this year in the Canadian and U.S. markets. In total, they represent roughly US$355 million in writing capacity. The new operators are syndicate 2791 Managing Agency Partners Underwriting Ltd. (with US$209.5 million capacity), 2010 Cathedral Underwriting Ltd. (US$121.5 million), and 2607 Creechurch Underwriting Ltd. (US$23 million). Syndicate 2791 is believed to be the largest syndicate to start up at Lloyd’s.