CFC's 'futuristic' Syndicate 1988 attracts heavyweight third-party capital

CFC, a specialist insurance provider focused on emerging risk and cyber, has confirmed that its  Lloyd's of London syndicate has incepted and begun trading with risk capital support from third-party heavyweights.

CFC Syndicate 1988 will write approximately 20 percent of CFC’s established portfolio, which will generate around £100 million in gross premium.

In addition to risk capital provided by CFC, the syndicate has worked with Aon Capital Advisory to attract third-party capital support including a large pension fund, an ILS manager, and reinsurers located in Bermuda, Cayman and Japan.

CFC said that unlike traditional syndicates, Syndicate 1988 will be "futuristic" and will not have a box at Lloyd’s and through the application of technology will be operated with a lower level of resources than traditional syndicates.

Matt Taylor will be the active underwriter of Syndicate 1988.

The syndicate, which will be managed by Asta Managing Agency, was established and capital raised in less than six months with the entire process conducted virtually.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.