Press Release: The Standard Syndicate refocuses underwriting on core competencies
29 August 2018
The Standard Syndicate (Syndicate 1884) at Lloyd’s is refocusing its underwriting on its core competencies in the marine and energy industry sectors. As a result, Syndicate 1884 will withdraw from underwriting standalone property risks with immediate effect. The Syndicate will continue to support property as part of multi-line packages.
The move is part of The Standard Syndicate’s continued focus on delivering improved performance and sustainable profitable growth. This has included taking decisive steps to appoint senior underwriters in the hull, cargo and liability classes, controlling expenses and improving attritional loss ratios.
The syndicate was established by The Standard Club, a leading marine protection and indemnity (P&I) insurer in 2015. Syndicate 1884 draws on the club’s experience of underwriting marine risks for over 130 year and energy risks for the last 40. The marine and energy experience derived from ship owners and energy operators that make up nearly 25% of the world’s international fleet gives the syndicate a deep insight into the marine and energy markets.
Steve Robson, Managing Director, The Standard Syndicate, said:
"Syndicate 1884 continues to make excellent progress towards delivering sustained profitability. We are in a strong position to achieve our ambitions thanks to the strength of the underwriting teams within our core classes and long-term support and vision of our capital providers."
Syndicate 1884 is focussed on policyholders in the marine, energy and international trade sectors underwriting across the following classes both through our box at Lloyd’s and the Syndicate’s Service companies in the UK and Singapore:
• Hull & Machinery
• Fine art & specie
• Political Violence & Terrorism
• Political Risk
• Marine and Energy liability