CFC Syndicate 1988 opens for trading
‘Futuristic’ syndicate attracts risk capital from third-party heavyweights
LONDON – 21 June 2021 -- CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, announced today that CFC Syndicate 1988 has incepted and begun trading.
In addition to risk capital provided by CFC, the syndicate worked with Aon Capital Advisory to attract heavyweight third-party capital support including a large pension fund, an ILS manager, and reinsurers located in Bermuda, Cayman and Japan
As previously announced, CFC Syndicate 1988 is writing approximately 20 percent of CFC’s established portfolio, which will generate around £100 million in gross premium.
With Syndicate 1988, CFC is one of the first independent MGAs of scale to establish a Lloyd’s syndicate and the first MGA-to-syndicate business to secure risk capital from a pension fund.
Notably, the syndicate was established and capital raised in less than six months with the entire process conducted virtually.
Unlike traditional syndicates, Syndicate 1988 will be futuristic - it 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, of CFC, is the Active Underwriter.
CFC Syndicate 1988 was brought to market with the support and expertise of the Aon Capital Advisory team and Asta Managing Agency who are acting as the managing agent.
CFC is a specialist insurance provider, pioneer in emerging risk and market leader in cyber. Our global insurance platform uses cutting-edge technology and data science to deliver smarter, faster underwriting and protect customers from today’s most critical business risks.
Headquartered in London with offices in New York, Austin, Brussels and Brisbane, CFC has over 500 staff and is trusted by more than 100,000 businesses in 90 countries. Learn more at cfcunderwriting.com and LinkedIn.