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News - Bank of America commits to Lloyd's.
(From Post Magazine)
Byline: Tanya Powley.
US giant Bank of America has signalled its commitment to the Lloyd's market with the launch of its first Lloyd's syndicate today.
Pembrace Casualty Insurance 2112 has been given an initial capacity of GBP33m by BA International Underwriters, a wholly-owned subsidiary of Bank of America Insurance Group.
The new syndicate has been authorised to write speciality liability and other US-based casualty insurance and reinsurance business to complement Bank of America's existing insurance operations.
Keith Pellerin, president of BOAIG, told Post that it was "very committed" to its new relationship with Lloyd's. "We have looked at our US domestic business and the best way to optimise it. We appreciate the cost effectiveness of the market place that Lloyd's will provide us with."
However, Jerome Breslin, ...
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