Insurance
Home›Insurance›Industry & Deals›Greenlight Re’s Syndicate 3456 gains approval to becom…
Greenlight Re’s Syndicate 3456 gains approval to become full Lloyd’s unit
The Lloyd’s approval is effective January 1, 2027, and is expected to expand Syndicate 3456’s gross written premium volume.
Greenlight Capital Re, a Cayman Islands domiciled provider of multiline property and casualty insurance and reinsurance, said Lloyd’s has granted “in principle” approval for its Greenlight Innovation Syndicate 3456 to move from its current setup to become a full Lloyd’s syndicate. The transition is set to take effect on January 1, 2027, according to Reinsurance News.
The syndicate was established in 2022 under the Syndicate-in-a-Box model, and began underwriting in April 2022. Greenlight Re said Syndicate 3456 has built a portfolio focused on Innovations business that it considers highly differentiated, and that it has delivered an underwriting profit each year since inception.
Greenlight Re added that moving to full syndicate status will allow Syndicate 3456 to keep supporting innovative coverholders while also backing more traditional coverholder business. The reinsurer expects the evolution to increase gross written premium volume within Syndicate 3456, and said its Lloyd’s plan will expand beyond Innovations to include some traditional delegated underwriting authority and consortia business, as well as a limited amount of treaty reinsurance.
Greg Richardson, Greenlight Re CEO, said the syndicate has been a key part of the company’s Innovations strategy and that becoming a full syndicate cements its position in the Lloyd’s market. Lorraine Harfitt, Asta CEO, said the approval reflects the strength of Greenlight Re Innovations and the underwriting platform the syndicate built after launching as a Syndicate-in-a-Box in 2022.