Setting up Syndicate-in-a-Box is Picnic
Picnic s.2460, managed by Asta, is the latest Syndicate-in-a-Box (SIAB) to be approved, launching 1 January 2021.
Picnic will provide bespoke cover to mutual schemes, including those developed by Picnic Labs (an Australian mutual manager). The book is expected to be focussed on Australian and New Zealand mutuals writing short-tail business, and will be accretive business to the Lloyd’s market.
Picnic estimates a £19m premium in year one, and aspires to develop to a full syndicate by its fourth year. It is the fourth SIAB agreed by Lloyd's Council, all of which have a different niche focus area.