Alterra Capital Holdings, a provider diversified specialty insurance and reinsurance product, has said that Alterra at Lloyd's has completed the transfer of the management of Lloyd's Syndicates 2525 and 2526 to Whittington Capital Management.
The transfer will be effective from 1 January 2011, and is subject to Lloyd’s approval.
Marston Becker, president and CEO of Alterra said Alterra has only minority interests in the capital of Syndicate 2525, a specialist public and employers’ liability syndicate, and Syndicate 2526, a specialist professional liability syndicate.
"Therefore, the transfer of the management of those syndicates to a third party is a natural next step as we seek to support the underwriting of Alterra at Lloyd’s with our own capital.
"Since acquiring Alterra at Lloyd’s in November 2008, we have recruited new teams to underwrite international casualty reinsurance, aviation, and personal accident product lines.
"The transfer of Syndicates 2525 and 2526 will enable Alterra at Lloyd’s to continue to further develop the business portfolio of Syndicate 1400, which is wholly capitalized by Alterra," Becker said.