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UK regulators permit Allied World to open managing agency at Lloyd’s

Allied World Assurance Company (AWH) has received approvals from Lloyd's, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to form its own Lloyd's managing agent.

Branded as Allied World Managing Agency Limited, the new entity will start operation from 1 April 2014, to manage Allied World’s syndicate 2232.

Syndicate 2232, which was previously managed by Capita Managing Agency, started its operation at Lloyd’s in June 2010.

The syndicate underwrites nine lines of business under insurance and reinsurance product categories such as international property, general casualty, professional lines and international treaty.

Syndicate 2232 targets key regions in the Latin America and Asia Pacific regions as well as emerging markets in the Middle East and Africa.

Syndicate 2232 active underwriter Darren Powell said, "We are delighted that Lloyd’s, the PRA and FCA have recognized our commitment to the market and the hard work we have put in to get to this stage.

"Launching our own managing agency at Lloyd’s has been a primary objective for our team. We are also appreciative of the efforts of the team at Capita who helped get Syndicate 2232 up and running and who have helped to make this transition as seamless as possible."

Allied World Europe president Julian James commented, "We continue growing, expanding our presence in the primary market and providing our trading partners and clients with innovative products and services to meet their evolving challenges."