Maurice 'Hank' Greenberg.
CV Starr, the investment vehicle headed up by Maurice ‘Hank’ Greenberg, has teamed up with private equity firm First Reserve Corp to launch and expand an energy syndicate at Lloyd’s.
Syndicate 2243, which has 2008 capacity of £30m, is the second syndicate to be managed by CV Starr subsidiary, Starr Managing Agents (SMAL). The other Syndicate 1919 has 2008 capacity of £180m, writing direct Aviation business (airline, aerospace and general aviation), direct Marine business (cargo and liability), and direct Technical Risk business (energy onshore and offshore and other complex technical property risks).
The combined SMAL syndicates will have a total capacity of £210m for the 2008 year-of account. The energy syndicate forms part of Sideris Re, a five-year partnership between CV Starr and First Reserve Corp, which creates a platform to allow the latter to increase its presence in the energy insurance sector.
Sideris Re includes a Bermuda-based reinsurance company that will reinsure the Lloyd’s syndicate and write business for US clients.
Syndicate 2243 will underwrite 100% energy and other complex technical property risks, the managing agent confirmed. It will be led by Active Underwriter David Stewart, who is currently Chief Underwriting Officer of Starr Technical Risks, a unit of Starr Underwriting Agents.
Steve Blakey, Chief Executive of SMAL, said: “We see the Lloyd's franchise as being an important platform for CV Starr as it expands in the global market.”
Mark McComiskey, Managing Director, First Reserve Corp, added: “The opportunity to partner with CV Starr and the platform with Lloyd’s, both with long histories and leading roles in the insurance and energy sectors, is an exciting way for First Reserve to continue its investment in this part of the industry.
“Syndicate 2243 offers First Reserve the potential for a permanent platform in the insurance sector, with the ability to leverage the global brand, market penetration, international licensing and highly-rated credit of Lloyd’s to expand the scope of investment opportunities available to First Reserve in the global energy insurance sector.”
