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(From Post Magazine)
Lloyd's Names have indicated their willingness to back the launch of Beazley Syndicate 3623, and to participate in the profit-taking that is being enjoyed by their Bermuda counterparts.
The planned launch has been promised some GBP20m in Names investment, with the remainder hoped to come from corporate investors.
Total capacity available on the new syndicate to Names is GBP44m, out of a total expected capacity of GBP200m.
The success of 3623 is dependant on Beazley securing institutional investment by 16 December. In a move not attempted since Wellington Syndicate 1251 10 years ago, the vehicle will only be open for three to four years.
John Francis, research director with Hampden Private Capital, which worked on the proposal, said: "The Syndicate will then be reinsured to close into Beazley 623 and 2623."
ADVENT CLAIMS BETTER VALUE THAN HISCOX OR AMLIN