Aug 01, 2022
Beazley announces 22.8% increase in capacity for the 2023 year of account
The managing agency of Syndicate 623 has written to capital providers stating its intention to increase Syndicate 623's stamp capacity for the 2023 year of account from £568.1m to £721.9m which represents a 22.8% increase in capacity.
This is subject to finalisation of the Syndicate Business Plan.
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.