CBB licenses second Islamic reinsurer

Middle East

Lloyd’s managing agencies, which currently have to set their overall underwriting capacity (with the permission of the Lloyd’s authorities) before the start of the underwriting year, will now be able to access additional capacity at any point in the underwriting year, thanks to a unique investment vehicle introduced by Syncro Limited, a Bermuda based company. Structurally it will replicate a Bermudian sidecar arrangement, but will offer a number of significant advantages, according to London law firm Clyde & Co, which is acting for Syncro Limited. It will be available to any managing agency irrespective of size, allowing syndicates with small stamp capacity to access the advantages of a sidecar arrangement without incurring the set up costs.