Texan insurer HCC Insurance Holdings has confirmed the launch of its Lloyd’s syndicate 4141 as the attractiveness of One Lime Street shows no signs of stopping in the New Year.
Syndicate 4141, which will have a capacity of $24m, will write business on behalf of MultiNational Underwriters (MNU), the Indianapolis-based insurer that HCC purchased last week. It will initially focus on MNU’s international accident and health business.
HCC’s Lloyd’s platform, HCC Underwriting Agency Ltd (formerly Illium Managing Agency Ltd), will continue to manage Syndicate 4040, which has 2008 capacity of almost £54m and focuses on liability, commercial motor, contingency, contractors’ all risks.
“MultiNational Underwriters’ success is driven by the use of the internet as a vehicle for offering 24-hour-a-day insurance services worldwide, a concept that it continues to refine. We are proud to add a company as innovative as MNU to the HCC organisation,” said HCC Chief Executive Frank Bramanti.
“Our Lloyd's platform will enable HCC to continue to expand its product offerings as well as allow HCC to avail itself of the many advantages of underwriting in the Lloyd's market.”
MNU’s clients include US citizens travelling or residing outside the country, US corporations with employees and their families travelling or residing abroad, foreign nationals and the employees of foreign companies outside their home countries, missionary organisations, and institutions of higher education with foreign programmes.
Founded in 1998, it writes business in more than 130 countries and is expected to write more than $40m in premium in 2008. MNU President Betsy Brougher and staff in Indianapolis and around the world will remain with the company following closing, HCC confirmed.
