Carbon Underwriting gains in principle approval for Lloyd’s Syndicate 5757

Carbon Underwriting has announced Lloyd’s has granted in principle approval for the launch of Syndicate 5757, effective 1 January 2025.

It is Carbon’s second syndicate, after Lloyd’s syndicate CBN 4747.

The managing general agent (MGA) said it further expands its territorial footprint to further its delegated authority business ambitions.

Carbon Syndicate 5757 is a technology-driven proposition built around its proprietary ecosystem, Graphene. The new syndicate will focus solely on US programme business.

Using its technology Graphene, Carbon said it “aims to drive innovation and deliver high-quality underwriting in this dynamic and data-rich market”.

Syndicate 5757 will be managed by Asta, the third-party managing agent at Lloyd’s, which was also responsible for the launch of CBN 4747, one of the first Lloyd’s syndicates-in-a-box (SIABs).

Carbon’s founder and CEO Nick Tye said: “We are thrilled to receive ‘in-principle’ approval from Lloyd’s for Syndicate 5757. This is a significant development to our offering as we look to access the expansive US programme market.

“The US market’s size and scale is incredibly exciting, and our data-driven approach positions us as market leaders for portfolio underwriting in this territory. We can evidence that superior data drives superior insights, and we look forward to continuing to achieve market-leading underwriting results for both ourselves and our partners as we continue to grow.”

Lorraine Harfitt, CEO of Asta, added: “Carbon’s latest success highlights the strength of Asta’s partnership approach, not just in launching new underwriting businesses, but also in our commitment to supporting our clients’ strategic growth initiatives.

“This approval of Syndicate 5757 as Carbon’s second syndicate at Lloyd’s is a testament to the Carbon team’s innovative vision. We are excited to continue our collaborative efforts and look forward to achieving even greater milestones together in the future.”