BEAZLEY PLANS NEW SYNDICATE 3623

Lloyd’s insurer Beazley is to launch a new £200m capacity syndicate — 3623 — that will write business on a surplus basis in three classes currently written by its composite syndicate 623. Managing agency Hampden, which has worked closely with Beazley to develop the proposal and said that £44m of the capacity would be made available to Names on a limited tenancy basis. Hampden Private Capital CEO Nigel Hanbury said that “the proposal to establish syndicate 3623 demonstrates private capital providers are ready and willing to back new syndicates at short notice”, adding that “the new Beazley syndicate shows that Lloyd’s is an attractive platform for new ventures compared with Bermuda”. Beazley currently has two operating syndicates with a combined capacity of £742m, split 30% to 623 and 70% to 2623. Syndicate 623 is supported by “traditional” Lloyd’s capital from high-net-worth private individuals.