Syndicate 2791
Syndicate Underwriter: Chris Smelt
2024 Account Capacity: £650 million
Syndicate 2791 has increased its capacity for the 2024 year of account to £650 million. The syndicate continues to enjoy the support of a broad range of third-party capital providers. This is a result of a deliberate strategy to ensure that no single capital provider can force closure or restructuring by withdrawing support, and thus undermine the continuity and independence we promise our clients.
Breakdown of Capacity
- Traditional capacity – 70%
(limited and unlimited liability Names through Members’ Agents) - Corporate capacity – 30%
(Corporate members participating on more than one syndicate)
MAP Capital Ltd, which provides a total of £90 million capacity to Syndicate 2791 and £5.2 million to Syndicate 6103, was initially formed as a vehicle through which members of staff could participate on the syndicate. For the 2024 account, individuals in their capacity as shareholders, accounted for capacity of £27.3 million. Other shareholders include two investment trusts, with further support provided by quota share reinsurance with an A rated carrier.
The combined participation of the MAP directors, members of staff and their spouses on Syndicate 2791 is £42.2 million and £3.6 million on Syndicate 6103.
Managing Agency
Syndicate 2791 is managed by Managing Agency Partners Ltd, a wholly owned subsidiary of MAP Holdings Ltd. The majority shareholder (90%) in MAP Holdings Ltd is MAP Equity Ltd, a company wholly owned by the underwriting and management team.
Lloyd’s rating (January 2019)
- AM Best Financial Strength Rating – A (Excellent)
- Standard & Poor Financial Strength Rating – AA- (Very Strong)
- Fitch Insurer Financial Strength Rating – AA- (Very Strong)
Syndicate 6103
Syndicate Underwriter: Richard Trubshaw
2024 account capacity: £90 million
Syndicate 6103 was established by Managing Agency Partners Ltd for the 2007 account as a “special purpose” syndicate to write a quota share contract of the US catastrophe reinsurance account of MAP’s Syndicate 2791. This was the first Lloyd’s sidecar capitalised in Lloyd’s. Support for Syndicate 6103 continues to be provided by third party capital on a limited tenancy basis, with material backing committed by the underwriters and other members of MAP
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