COPENHAGEN RE TO TRANSFER BUSINESS TO NEW LLOYD’S SYNDICATE

Danish reinsurer Copenhagen Re is to launch a Lloyd’s syndicate later this year, as part of its ongoing efforts to move closer to key business markets. The company said that the new venture, to be managed by PXRE Managing Agency, would be responsible for the UK branch’s facultative portfolio — mainly property risks — currently written at the London Underwriting Centre, as well as the marine and financial institutions business transferred to a company box at Lloyd’s last year. Copenhagen Re noted that the business transferred to the new syndicate was expected to produce annual premiums of more than £40m, representing nearly 50% of the group’s London income and 20% of its worldwide premium. The Lloyd’s operation will employ up to 10 underwriters and will begin operations in October.