Atrium has announced that subject to formal approval by Lloyd's and members it is proposing an increase in Syndicate 609's stamp capacity from £651,666,434 for the 2022 year of account to £875,000,000 for the 2023 year of account - a 34.27% increase in capacity.
Some extracts from their covering letter explaining the reasons for the pre-emption:
- based on anticipated continued strengthening of market conditions across a number of classes and the impact of inflation;
- weakening of Sterling since the 2022 Syndicate Business Forecast was set at 1.38;
Concerning the appointment of Peter Laidlaw as Active Underwriter for the 2023 year of account, Atrium's letter mentions that Peter has for some time been the named long-term successor for the Active Underwriter role on Atrium's succession plans. Peter is currently the next most senior underwriter on the syndicate to Toby.
Toby Drysdale the current Active Underwriter takes on an advisory role as Director of Corporate Underwriting Review with responsibility for consulting the Board and providing underwriting review services to the Group.
As the increase is above 7.5%, the Lloyd's Pre-Emption Byelaw requires that a formal notice of the intention must be made and 75% agreement from members who respond (weighted by capacity) must be obtained before making a pre-emption offer.