Atrium announces large pre-emption and underwriter succession
Atrium Underwriters Limited has provided us with preliminary details of its plans for Syndicate 609 in 2023. The combination of continuing improvements in the rating environment, the weakening of sterling against the US dollar and the impact of inflation on insured values means that the syndicate will be seeking an increase in capacity from £650m to £875m (approximately 34%). The pre-emption will be subject to both approval by capital providers and also to agreement to the plan by the capital planning group at Lloyd’s. The plan will be submitted to Lloyd’s at the beginning of September.
Atrium has also announced that Toby Drysdale will step down as Active Underwriter of the syndicate at the end of year and will be succeeded by Peter Laidlaw. Toby will continue to be involved in the business , taking a new advisory role as Director of Corporate Underwriting Review with responsibility for consulting with the board and providing underwriting review services to the group. Toby was appointed active underwriter for the 2016 year of account, and the syndicate has delivered a profit in each underwriting year since, with an average profit to members of almost 9% of capacity (including open year forecasts).
Peter Laidlaw has for some time been named as long term successor in Atrium’s plans, an intention reflected in the development of his roles and responsibilities over the recent past. He joined the group in 1993 and has been involved in many non-marine classes. Since 2000, he has specialised in accident and health, becoming lead underwriter in the class in 2004. As part of the succession, Peter will in turn pass his responsibilities for the accident and health team to Russell Burrows.
We would like to wish both Toby and Peter every success in their new roles and are sure that all syndicate members will join us in thanking Toby for his contribution to the success of the syndicate.
Who to Contact
Andrew ColcombHead of Syndicate Research, APCLDirect line: +44 (0)20 7825 7176
Jed RomanResearch AnalystDirect line: +44 (0)20 7825 7177Email: Jed.Roman@ArgentaGroup.com