Syndicate Underwriter: Richard Trubshaw
2010 Account Capacity: £505 million
Syndicate 2791 has increased its capacity for the 2010 account by £100 million to £505 million. The syndicate continues to enjoy the support of a broad range of third party capital providers, with no single source being responsible for more than 15% of stamp capacity. This is a result of a deliberate strategy to ensure that no single capital provider can force closure or restructuring by withdrawing support, and thus undermine the continuity and independence we promise our clients.
Syndicate 2791 Report and Financial Statements
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Breakdown of Capacity
a) Traditional capacity
(Limited and unlimited liability Names
through Members' Agents) |
60.9% |
b) Spread vehicles
(Corporate members participating in
more than one syndicate) |
18.2% |
c) Dedicated capital
(One corporate members whose support
is dedicated to Syndicate 2791) |
20.9% |
MAP Capital Ltd, which provides a total of £105.3 million to Syndicate 2791 was initially formed as a vehicle through which members of staff could participate on the syndicate. For the 2010 account private individuals provide capacity of £15 million. Other participants include four investment funds, with further support provided by quota share reinsurance with an A rated carrier.
Managing Agency
Syndicate 2791 is managed by Managing Agency Partners Ltd, a wholly owned subsidiary of MAP Holdings Ltd. The majority shareholder (90%) in MAP Holdings Ltd is MAP Equity Ltd, a company wholly owned by the underwriting and management team.
Lloyd's rating (January 2010)
- A M Best Financial Strength rating A (Excellent)
- Standard & Poor Financial Strength rating A+ (Strong)
- Fitch Insurer Financial Strength rating A+ (Strong)
www.lloyds.com